Thursday’s Futures Outlook: FTSE, Dax, Eurostoxx

FTSE June Contract

Ftse weakened to 3825 then buyers entered the market and took this to the 50% retrace fib level of 3909/12 just falling shy at 3906. This should show the underlying strength in this market and keep the buyers happy to enter the market at lower levels.

There is still the 3909/12 resistance to overcome but once buyers have wiped this away you should expect another rise with 3957 to 3966 the targeted area. Buyers will be looking to take profits at these higher levels, and sellers will be circling like hyenas waiting to pounce to knock this lower. Sellers will only wobble over 3975. Buyers would gleefully see them suffer as they ramp the market higher to 3996.5.

Failure to break above 3912 keeps FTSE depressed leaving sellers free to push back to 3859. Below here sees another wave of selling with 3809/03 targeted where once more buyers are waiting in the wings.

Support

3859

3825/22

3809/03

3777/71

3756

3741

3722*

3698

Resistance

3883

3909/12*

3948.5

3961/66

3975

3996.5

4012/16

4021

Today’s Pivot Points

3947

3910

3868

3831

3790

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

4016

3961

3912

3863

3808

LONGER TERM DAILY FIB LEVELS

3744

3903

4046

4188

4347

Dax June Contract

Dax has resistance at 4400, and buyers would only be interested if this level was to crack. Sellers would run for cover as the market was pushed higher by buyers looking for 4472. Profit taking and fresh selling should limit the topside initially. Sellers should win the short term move lower from these highs, but will encounter support once more at 4359/56. Buyers are expected to be waiting in the wings at these lower levels and it really is only below 4350 that they will wobble and sellers will return to push this lower for 4331.

So both buyers and sellers are looking to 4472. If this level does break you will see buyers wrench power from the sellers and ramp this higher with 4546 then the targeted area.

Support

4359/56

4331

4314/4310

4299

4281

4272

4245

4232*

Resistance

4383

4400*

4421

4443/47

4459

4464

4472**

4513

Today’s Pivot Points

4500

4433

4332

4266

4165

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

4359

4299

4246

4193

4134

LONGER TERM DAILY FIB LEVELS

3976

4180

4363

4546

4751

Eurostoxx June Contract

Eurostxx rebounded dramatically from the lower open as buyers saw their chance for easy money. The higher close should have sellers worried, and would expect them to stand on the sidelines during the open just to make sure of which direction they wish to take. Buyers however will be in no doubt and look for this to come higher with 2158 to 2171 the resistance band they would feel comfortable in taking profits..

If 2071 breaks buyers will once more outstrip sellers and lead this higher for 2190/93.

However if the contract stalls at 2132 on the open, sellers would be likely to indulge themselves with 2083 looking to entice this lower.. Buyers will be out in force to these lower levels and it is really only below 2080 that buyers would wobble and sellers rule the day taking control for 2061.

Support

2116/13

2092/89

2083

2061

2054

2047

2033

2026/22

Resistance

2122/26

2132

2149

2158

2171*

2181/84

2190/93**

2215/17*

Today’s Pivot Points

2184

2151

2099

2066

2014

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

2125

2089

2057

2024

1989

LONGER TERM DAILY FIB LEVELS

1976

2089

2190

2291

2404

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