Forecast on Index Futures

Emini S&P Suggested Trade Plan 11/15/16

Emini S&P Analysis & trade plan

Nov 15th 2016 Updated at 10:44 pm EDT on Nov 14th 2016

Emini S&P the 2-day low is 2152~2149 with decent support at 2145~2143 also perhaps suggestive of a low for the day. If we take this level out we may be facing the last line of defense for bulls which sits at the 2 month trend line support at 2135~2134. If I was trading this instrument tomorrow I would be trying to get long in this region with a stop at or about 2130. If you get stopped out due to some unfortunate group of traders just selling wildly at these levels (mostly retailers would be my guess), be aware that the next level looks at 2124~2122.

For the upside forecast levels on a rally which isn’t out of question given the trend, look for are 2165, 2169 and then 2175. On good volume and above here look for 2182 before a test of the important all time high 2189/2191.50. A close tomorrow above here likely signals the start of the next leg higher in the longer term bull trend. Targets: 2197/99, 2204/05 & 2211/12.

Cam Pivots for Nov 15th, 2016 (not a whole lot different from yesterday)

R3=2176.75 | R2=2169.75 || R1=2165.50 | S1=2156.75 || S2=2152.50 | S3= 2145

News related to Asian Markets in the Globex Session

Nov 15th 2016 Updated at 10:44 pm EDT on Nov 14th 2016

Asian shares mostly fell on Tuesday with weakness in the Chinese currency noted, though Hong Kong bucked the trend in a light regional data day. The Shanghai Composite Index eased 0.15% and Hong Kong’s Hang Seng Index rose 0.45%. The yuan hit its lowest level against the dollar in almost eight years Tuesday as the People’s Bank of China set the fixing weaker for an eighth consecutive business day at 6.8495 compared with 6.8291 on Monday.

The Nikkei 225 fell 0.09% and the S&P/ASX 200 dipped 0.51%.

Overnight, U.S. stocks were mixed after the close on Monday, as gains in the Financials, Oil & Gas and Industrials sectors led shares higher while losses in the Technology, Telecoms and Consumer Goods sectors led shares lower.

At the close in NYSE, the Dow Jones Industrial Average rose 0.11% to hit a new all-time high, while the S&P 500 index lost 0.01%, and the NASDAQ Composite index fell 0.36%.

Emini S&P (ES) Daily Chart Analysis

es-daily-11-15-16

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