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

S&P 500 June Contract

S&P again behaved perfectly, holding lower support at 807 and trading to 842. Buyers were happy and sellers didn’t really have to do much except defend 842.

Now this morning there is scope for pullbacks with 825.52 your first short term retrace target. Buyers will be cautious at these levels, not knowing whether it will hold or not. Sellers will be looking for this to come lower and a break through to 818/816 is viable. Short covering and renewed buying interest at these lower levels should halt any initial attempt. It is only below 816 that buyers will be scratching their heads looking to reverse longs for 809/807.

842.35 as stated is the break out point for new buyers at higher levels. A break above here sees 847 fairly quickly. Above 847 sees renewed buying pressure with 852/853 the immediate objective. Short covering may cap initial advance. Buyers would only re-instate above 854 for 859.40.

Yesterday’s Price Action

High : 842

Low : 807.5

Close : 835.50

Support

831

825

821

818

809

807.95

806/804

798

Resistance

838.6/840.20

842.35

847

852/853.5

859.40

869***

873/875.5

883/86*

Today’s Pivot Points

862.8

849.1

828.3

814.6

793.8

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

825.52

816.77

808.95

801.12

792.37

LONGER TERM DAILY FIB LEVELS

734.10

770.69

803.40

836.10

872.27

Mini Dow Jones June Contract

Dow skyrocketed, taking out all resistance levels until 8023. There is scope for pullbacks this session, with 7889/64 looking to entice. Sellers will be short covering at these lows, and buyers would be tempted, looking for another attack of the topside.

However, if a break below 7864 was posted you would see buyers run for cover and reverse positions looking for a weaker market with 7704 /7696 then looking to entice. This is the 50% retrace fib level so buyers should be comfortable around these levels and help push the market higher.

8023 was the high yesterday. If there are no pullbacks to any degree and 8023 breaks you will find buyers re-entering the market looking for the longer term 61.8 fib level of 8070. Initially move should be capped by sellers defence, but this would be wore away if the market exceeded 8090. Buyers would look to 8274/80 then as their nearby targeted area.

Yesterday’s Price Action

High : 8023

Low : 7701

Close : 7958

Support

7889/64

7829/01

7779/72

7747/43

7696

7671

7630/11

7584/71

Resistance

7945/70

8023

8070**

8115/25

8198

8236

8274/80**

8322/8359/70

Today’s Pivot Points

8216

8087

7894

7765

7572

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

7864

7779

7704

7628

7543

LONGER TERM DAILY FIB LEVELS

7111

7452

7757

8061

8402

LIGHT CRUDE OIL May Contract

No change. Rallies continued yesterday, breaking through 51.80 for 52.87 before coming slightly lower. However this is not the end of the buyers story and the higher end of the comfort zone is at 54.20/66 and this is where potential sellers should be waiting with profit taking buyers.

You should see the market back off these higher levels, but support will be defended at 49.40 and buyers will re-enter the market at these lower levels.

Only below 49.00 would buyers wobble slightly.

So 54.20/66 remains your short term objective. A break above here would trigger buyers leaping into action with the longer term objective of 64.50 firmly in their sights.

Yesterday’s Price Action

High : 52.87

Low : 48.45

Close : 52.64

Support

51.80

51.20

50.25

49.87

49.40

48.30

48.03/47.94

47.65

Resistance

52.45

53.65

54.00/20

54.66/70*

55.40

56.93

57.25*

57.89

Today’s Pivot Points

55.74

54.19

51.32

49.77

46.90

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

51.47

50.73

50.07

49.40

48.66

LONGER TERM DAILY FIB LEVELS

49.40

46.61

44.11

41.61

38.82

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