Forecast on Index Futures

Emini S&P (ES) report for day traders

Emini S&P Analysis & trade plan

Nov 17th 2016 Updated at 9:53 pm EDT on Nov 16th 2016

Emini S&P is a boring sideways grind up and magically remains green!

The bottoming process earlier today placed us right in between the minor support areas of 2171 and better formed support in the 2163 area.

With very little to say about the levels in my update tonight, I can only say that the same levels apply for today.

On the downside look there is minor support at 2171/70 but below 2168 we risk a slide to better support at 2163/62. If we chisel down further in the contracted range bound market, we target 2155/54. Below here, 2150/48 should again be an excellent short term buying opportunity.

For the upside forecast levels of the day is obviously the important all time high 2189/2191.50. A close tonight 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 17th, 2016 (not a whole lot different from yesterday)

R3=2180.00 | R2=2176.75 || R1=2174.50 | S1=2170.50 || S2=2168.50 | S3= 2165.00

News related to Asian Markets in the Globex Session

Nov 17th 2016 Updated at 9:53 pm EDT on Nov 16th 2016

Tokyo stocks opened lower on Thursday after a downturn on Wall Street, slipping off a nine-month high hit the previous day on the back of a weak yen. The benchmark Nikkei 225 index had gained nearly 10 percent to Wednesday, surging after Donald Trump was elected US president as the dollar rose against the yen on expectations of higher fiscal spending under his government. But the Trump rally seems to have run its course with the yen gaining on the greenback on Thursday. Investors were inclined to take profits, especially on banking stocks after their US peers fell overnight following recent gains on rising inflation expectations.

Tokyo’s key Nikkei 225 index, which closed at its best level since early February on Wednesday, lost 0.45 percent, or 80.71 points, to 17,781.50 in the first few minutes of trading. The broader Topix index of all first-section issues was down 0.51 percent, or 7.18 points, to 1,414.47.

The dollar, meanwhile, was changing hands at 108.82 yen Thursday against 109.09 yen in New York on Wednesday afternoon. A weak yen is generally favorable for Japanese stocks as it helps the country’s exporters by making their products more competitive overseas and increasing the yen value of profits earned abroad. In New York, the blue-chip Dow Jones Industrial Average broke a seven-day winning streak, falling 0.3 percent, and the broader S&P 500 lost 0.2 percent, as investors rotated out of Wall Street banks.

Emini S&P (ES) Daily Chart Analysis

es-daily-11-17-16

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