Futures Outlook For Tuesday: FTSE, DAX, Eurostoxx

FTSE June Contract

Ftse plunged lower yesterday (Monday) finding support at 3698. Now the close back above 3722 is quite positive for today, with your first 25% retracement target of 3753 looking to entice. At these higher levels you may see a bit of selling pressure, but after the declines of yesterday this market does need some correction today to ease the short term oversold conditions of the hourly charts.

If the market breaks through this 3756 region fresh buyers will be waiting to push the market higher with 3771/77 looking to attract prices. Once more profit taking is expected.

Now this level is just under the 50% short term retrace target of 3782 so

would expect sellers to be waiting at these higher levels to push this lower once more.

Only above 3785 keeps the market stronger.

As stated support is at 3722. A loss of this support would see sellers take control and push this lower for 3684. This support should hold initial attempt. However any break below here keeps the pressure to the downside and sees 3665 where once more you would expect profit taking. Sellers will only re-enter below 3642.

Support

3722*

3698

3684

3665*

3642

3615/13

3599/98

3578

Resistance

3741

3756

3771/77

3809

3822/25

3865

3900

3920

Today’s Pivot Points

3847

3785

3742

3680

3637

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

3753

3782

3808

3834

3863

LONGER TERM DAILY FIB LEVELS

3660

3775

3878

3980

4099

YESTERDAY’S PRICE ACTION

High : 3908

Low : 3822.5

Close : 3844

Dax June Contract

Sharp declines took this lower yesterday with 3976 the low. Now this has started a small bounce on the close and this morning you are looking at further strength with the first fib level of 4059 tying in with resistance at 4052/63 as your first objective. Profit taking would be expected to here, and sellers looking to pounce just below. So there will be a bit of bulls v bears at these levels.

Above 4065 the buyers take control and should run with this to 4080/4097.

Within this band look for profit taking once more and also fresh sellers. Only above 4115 would sellers be looking to reverse position, with 4129 then targeted.

If there is no buying interest on the open and the market fails to make any headway past 4038 look for comebacks to 3995/92. Only below here sellers should emerge and losses would then occur with 3976 your immediate attraction. Sellers would be covering positions here. They should re-sell below here for good support at 3964. If this support yields look for further weakness leading to 3908.

Support

3995/92

3976

3964*

3935

3908

3893/90

3857

3836/28

Resistance

4038

4052/63

4080

4097.5

4115

4129

4142/45

4153

Today’s Pivot Points

4245

4126

4051

3932

3857

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

4059

4103

4143

4182

4226.5

LONGER TERM DAILY FIB LEVELS

3867

4012

4142

4272

4418

YESTERDAY’S PRICE ACTION

High : 4170

Low : 3976

Close : 4008

Eurostoxx June Contract

Eurostxx achieved yesterday 61.8% retracement of the bullish move higher with 1920 the level. This market hit 1921 and has held and bounced slightly.

Buyers will take advantage of this key level and look to push this higher today.

Initial resistance located at 1952. If this can break you should find fresh buyers coming in to lead the market higher with 1967/1970 your immediate attraction.

Expect profit taking at these higher levels. Sellers would also be coming

to the fore and looking for this to come lower once more. However, if this can trade and hold above 1970 sellers will have to rethink and buyers will be waiting to run with it through to 1992/97. As would expect profit taking should cap this time and losses should follow.

Now if after talking this market higher it holds at 1952 you would once more be looking at 1920. Sellers will be profit taking at these lows. Only below 1915 would fresh selling reappear leading this lower to 1912/10. If this support is lost look for 1893.

Support

1920

1912/10

1893

1860

1942

1829/27*

1795

1784/80

Resistance

1952

1970

1982

1992/97

2016

2022/26

2033

2050

Today’s Pivot Points

2051

1994

1957

1900

1863

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

1967

1992

2014

2036

LONGER TERM DAILY FIB LEVELS

1915

1994

2066

2137

YESTERDAY’S PRICE ACTION

High : 2015

Low : 1921

Close : 1937

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Comment by Javier

2009-03-31 11:19:54

Hello,

First of all, I’d like to congratulate for the web site. I follow this web site everyday from Spain. I’m an amateur in this business. Could you help me how to calculate supports and resistances level. Which charts do you usuaaly use, 15min, 10min?

Thanks for your help,

Kind regards,

Javier

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