Futures Outlook For Friday: FTSE, DAX, Eurostoxx

FTSE June Contract

Ftse ramped higher yesterday with buyers not pausing for breath until finally sellers came out in force at 4119. However the downside was limited and this morning sellers are looking hopeful of a break lower so that yesterday’s opening gap to 3961 will be filled.

Both sides would then be satisfied and would then expect buyers to take control and rally back to the highs of 4119 once more. You should see profit taking at these higher levels. Buyers will introduce longs if 4125 breaks, leading this higher for 4163. Once more profit takers will appear. Above 4165 sees buyers again with 4189 their goal.

If the market fails to hold 3955 sellers will appear looking to push the market lower for 3920/12. Buyers would fight at these lower levels and would only wobble if the market broke below 3900.

Support

4077/73

4034/29

4002

3980

3960.5*

3945

3920

3900

Resistance

4098/4100

4119

4150

4163**

4173/75

4189*

4212/21

4237

Today’s Pivot Points

4188.5

4129

4059.5

40000

3930

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

4016

3961

3912

3863

3808

LONGER TERM DAILY FIB LEVELS

3660

3775

3878

3980

4099

YESTERDAY’S PRICE ACTION

High : 4119

Low : 3990

Close : 4085

Dax June Contract

Dax came higher yesterday taking this within striking distance of 4418 at 4414.

This has eased a little and this morning if the sellers can push this lower on the open below 4350 you should see the opening gap of 4189 from yesterday filled.

This level also coincides with 50% short term retracement fib target, thus buyers will be around here to support this level. Another move higher to 4414/18 should not be ruled out at this stage. Profit taking to here will be evident, and sellers will be out looking for this to hold. Only above 4425 would sellers panic, and reverse shorts, looking for 4454.

If the support to 4189 does break look for fresh selling with 4143/35 then looking to entice.

Support

4345

4331

4310

4285

4272

4245

4220/29

4209

Resistance

4375

4392

4418**

4454

4470/75*

4482

4495

4510/13*

Today’s Pivot Points

4518

4435

4330

4246

4141

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

4304

4246

4195

4143

4085

LONGER TERM DAILY FIB LEVELS

3867

4012

4142

4272

4418

YESTERDAY’S PRICE ACTION

High : 4413

Low : 4225

Close : 4351

Eurostoxx June Contract

Eurostoxx broke higher yesterday with rallies to 2158 seen. The market did ease from these higher levels and this morning if sellers can push this below 2126 you should see the market come lower with a visit to the opening gap from yesterday targeted. This area is 2065 to 2054 and buyers will strongly defend this support in the hope of pushing higher with 2151/58 once more targeted.

Failure to hold over 2054 however will see a shift in momentum and sellers will jump on the bandwagon looking to push the market even lower with 2026/22 then their short term objective.

On the topside 2158 poses good resistance. If this resistance breaks fresh buying should appear and hike this higher to 2181/84. Profits will be taken. Above 2184 sees 2215/17.

Support

2126

2107

2092/99

2065

2054/50

2033

2026/22

2018/14

Resistance

2149

2151/58**

2171

2181/84

2190/91

2215/17*

2226/30

2250

Today’s Pivot Points

2211

2171

2118

2078

2025

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

2098

2067

2039

2011

LONGER TERM DAILY FIB LEVELS

1915

1994

2066

2137

YESTERDAY’S PRICE ACTION

High : 2158

Low : 2065

Close : 2132

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