Futures Outlook For Thursday: FTSE, DAX, Eurostoxx

FTSE June Contract

Ftse expected to open sharply higher, which is why support and resistance levels are so far away from the closing price. There was good resistance at 3980 but if the market opens above this, look for this level to support.

You could see sellers at the psychological of 4000/4002 coming in to hold FTSE here. Failure to hold below 4010 sees sellers wobble and reverse as this would take the market higher for 4029/34. You will have a large opening gap however, and markets do like to fill gaps, so buyers beware if the open is too far over 4000. After correction the market will trade higher and 4098/4100 would be the level that buyers will aim for.

As stated support would be at 3980. If this support fails to hold, sellers will get on the back of this for 3945/40 opening gap. Buyers will be at these lower levels and this support is expected to hold.

Support

3980

3960.5

3945

3920

3900

3865

3825/22

3809

Resistance

4002

4029/34

4073/77

4098/4100**

4132/34

4150.5

4163**

4173/75

Today’s Pivot Points

4068

4004

3896

3832

3723

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

3894

3860

3829

3798

3763

LONGER TERM DAILY FIB LEVELS

3660

3775

3878

3980

4099

YESTERDAY’S PRICE ACTION

High : 3960.5

Low : 3788

Close : 3940

Dax June Contract

Dax reacted well yesterday and clawed back to the short term 61.8% retracement at 4189 exceeding to 4189. However the market is expected to open sharply higher today with 4245 the nearest to resistance to the opening call.

If sellers at out this morning, they should feel a little safer selling at these higher levels. However if the market does break above here then buyers will appear taking this higher through to 4280/85. Profit taking and fresh sellers would keep this level intact initially. Although 4285 is expected to break at some time soon.

Now markets do not usually like opening gaps. It unnerves them, so beware of the higher open, as the gap is still looking to entice within the days trading session.

The gap is down to 4179 and buyers will be there to defend this support. It would only be a loss through here that would unnerve buyers and see sellers take charge for 4142/45.

Support

4220/29

4209

4197

4189

4172/67

4153

4142/45

4129

Resistance

4245

4272

4280/85

4310

4331

4345*

4375

4392

Today’s Pivot Points

4307

4243

4124

4040

3941

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 : 4189

Low : 4006

Close : 4179

Eurostoxx June Contract

Eurostoxx has god resistance at 2099. If this is blitzed on the open, fresh buyers would be expected with 2126/34 then your targeted area. At these higher levels sellers are expected to reappear and push this lower. Sellers would only be at risk above 2139 with 2145/49 then looking to entice.

Once more profit taking and new sellers should limit the upside initially.

Opening gap down to 2046 will be in the back of sellers minds, so if the open stays below 2092/99 keep this lower level in mind. Obviously there are levels of support right down to here, and it will just be a case profit taking and reselling as each level gives way.

Support

2071

2054/50

2033

2026/22

2018/14

1992

1882

1970/67*

Resistance

2092/99**

2107

2126/34**

2145/49

2151/58**

2171

2181/84

2190/91

Today’s Pivot Points

2124

2085

2015

1976

1906

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

2021

2003

1988

1972

LONGER TERM DAILY FIB LEVELS

1915

1994

2066

2137

YESTERDAY’S PRICE ACTION

High : 2054

Low : 1945

Close : 2046

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