Futures Outlook For Wednesday: S&P, Mini Dow Jones, Crude Oil

S&P 500 June Contract

S&P held 807 and has come sharply lower through to 779.90. Support is firm at 777/775 and buyers will look to defend this support level, not giving in without a fight. As the support holds, more buyers will join the fray and expect buyers to win the initial battle. This would leave a double bottom on the short term charts which would give the buyers a free rein once more up to 807. Profit taking at these higher levels should cap initial attempt.

However buyers will be ready to reinstate on a break above 809. Above this resistance keeps the immediate pressure to the topside leading this higher for 818 to 821. Expect this to hold first attempt thus sellers would be evident, confident of a return move lower.

If the buyers loses 775 fresh selling would be evident and should push this lower to 767/766.20. This is good technical support from fib levels, thus short covering should be evident. Further selling would be seen below 759.

Yesterday’ Price Action

High : 807

Low : 784

Close : 794.80

Support

777/775*

769.30

767/766.20

759.30

748/46

739/34**

729

720.80

Resistance

785/787

791

798

804/806

807.95

818

821

825/826

Today’s Pivot Points

818.1

806.4

795.3

783.6

772.5

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

789.47

796.69

803.15

809.60

816.82

LONGER TERM DAILY FIB LEVELS

789.60

767.79

748.30

728.80

707.00

Mini Dow Jones June Contract

Dow has resistance at 7506/11 and sellers will be waiting to keep this under the resistance, pushing it lower for 7381 once more. You would have a base pattern then at these lower levels and buyers will again be defending this support.

The base pattern if formed, should lead the market higher through 7511 towards yesterdays highs of 7671. Once more after profit taking, sellers will be available to halt the advance and would only rethink shorts if a break was maintained above 7696. A break above here sees fresh buyers for 7743/47.

Now if this line of defence at 7380 yields buyers would be forced to cover and join sellers with a move to 7338 likely. Further selling pressure would be evident below 7330 for 72.79/73 initial target. Short covering can help support these lower levels, but should see renewed selling if below here for 7238.

Yesterday’s Price Action

High : 7671

Low : 7477

Close : 7562

Support

7480/77

7435

7381/70

7338*

7279/73

7238*

7202/7183

7150**

Resistance

7506/13

7571/84

7611/30

7671

7693/96

7743/47

7772/79

7809/29

7809/29

7880/83

Today’s Pivot Points

7764

7663

7570

7469

7376

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

7507

7572

7631

7690

7755

LONGER TERM DAILY FIB LEVELS

7526

7338

7171

7003

6815

LIGHT CRUDE OIL May Contract

Oil bounced off 47.77 and headed to 50.00 before declines resumed. Holding steady at lower levels this morning, but needs to make a break higher quite quickly.

It needs to be back above 49.40/50.00 to take off any further downward pressure.

Failure to break above this resistance sees selling pressure re-emerge with another downward assault on 48.03/47.94. Sellers should be looking to take profits to here. Renewed selling would be evident below 47.65 to the longer term fib retracement target of 46.61. Sellers profit taking and fresh buyers would capture this support and from there you should expect a bounce.

Above 50.50 eases downward pressure and sees a short term base pattern giving buyers confidence, leaving this free to trade back within the comfort zone of 51.30 to 54.20.

Yesterday’s Price Action

High : 50.00

Low : 47.77

Close : 49.66

Support

48.30

48.03/47.94

47.65

46.75/61**

46.11

45.56

45.15

44.70/62

Resistance

49.40

49.55/87

50.25

51.30

52.45

53.65

54.00/20

54.66/70

Today’s Pivot Points

51.37

50.51

49.14

48.28

46.91

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

49.38

50.24

51.01

51.78

52.64

LONGER TERM DAILY FIB LEVELS

49.40

46.61

44.11

41.61

38.82

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