Thursday’s Futures Outlook: S&P, Mini Dow Jones, Crude Oil

S&P 500 June Contract

S&P reacted perfectly yesterday and as anticipated buyers won the day by a mile. The breach of 823 has kept the bullish sentiment intact this morning with 832 the high. At these higher levels there is resistance at 833.80 and this may quench buyers’ thirst initially. Sellers are licking their wounds and really will stay on the sidelines until they are sure that the advance has come to a halt. Profit taking here and small selling interest may push this lower but losses look limited to 818/813.80.

Buyers will once more take up the gauntlet and thrust this higher. Only below 807 would buyers have a wobble, but still be prepared to go in at lower levels as long as 802 holds.

Now above 833/80 sees the 838/840.20 resistance tested. Buyers will take profits here. Above 842 sees fresh buyers interest as 847.90 will be in their sights.

Support

823/821

818

813.80

809

807.95

804/802

796.65

791

Resistance

833.80

838/840.20

842.35

847.90*

852/853.5

859.40

869***

873/875.5

Today’s Pivot Points

839.6

831.8

817.2

809.4

794.8

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

830.95

821.89

813.80

805.70

796.65

LONGER TERM DAILY FIB LEVELS

734.10

770.69

803.40

836.10

872.27

Mini Dow Jones June Contract

Dow Sellers thought they had it in the bag yesterday, but underlying strength and buyers’ stubbornness finally won the day and 7760 was broken and strength has carried on overnight and this morning.

7943 would be the level where buyers feel safe to take profits. Sellers would once more be sidelined and only come out if 7950 looked like it was going to hold. If above 7950 however after getting burnt yesterday sellers would scoot in and reverse positions, jumping on the bullish bandwagon which would then target 8061/8070. Profit taking at this longer term 61.8 fib level should halt initial advance and sellers would feel safer to attack the market at these higher levels. 8070 breaking however sees another whipping for sellers as buyers regroup to thrust this higher with 8225 their initial objective. Failure at 7950 keeps this a little depressed for the break point of 7760. If this support yields this time round look for sellers to lead this lower with 7696/53 the your targeted area.

Support

7801

7779

7757

7696

7653

7630/11

7584/71

7513/06

Resistance

7864/7886

7943

7961

8023

8061/8070**

8115/25

8198

8225*

Today’s Pivot Points

7950

7877

7765

7692

7580

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

7902

7818

7743

7668

7584

LONGER TERM DAILY FIB LEVELS

7111

7452

7757

8061

8402

LIGHT CRUDE OIL May Contract

Buyers decided enough was enough yesterday and after 47.37 held twice they regrouped and thrust the market higher for 51.30 which coincided with the 61.8 short term fib level of the recent move lower. This is no accident, and buyers should regain control this session as a longer base formation has been made,  supporting Oil at lower levels.

Today buyers need a bit more to break the 51.30 highs and this would act as a catalyst to boost buyers confidence leading this higher for 52.45 initially. Here expect profit taking. However buyers would be rejuvenated if above 52.50 and brush sellers aside to march onto the next level of 53.65/90. Profit taking may occur. Sellers will attempt to halt advance, using 54.20 as their back up stop level. 54.20 breaking sees buyers once more in charge and sellers wiping up the tears as they once more lose out to the bulls.

Buyers will then have the previous highs of 54.66/70 in their sights and will be content to take early retirement from this market for the day. Back below 49.70 leaves the buyers in a bit of a quandary as 47.35 looms in the sellers’ sights.

Support

50.70

50.25

49.90/70

48.90

47.35

46.75/61**

46.11

45.56

Resistance

51.20/30

51.80

52.45

53.65

54.00/20

54.66/70*

55.40

56.93

Today’s Pivot Points

53.52

51.81

49.59

47.88

45.66

SHORT TERM HOURLY FIB RETRACEMENT LEVELS

49.06

49.86

50.57

51.28

52.08

LONGER TERM DAILY FIB LEVELS

49.40

46.61

44.11

41.61

38.82

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