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

S&P 500 June Contract

S&P had a good run the past three sessions with the buyers winning all the way. However it stalled at 861.30 and corrective pressure is looking to kick in.

You have support at 836.10 and buyers will be looking to defend this support against the onslaught of selling pressure. If they manage to hold the fort then you will see this come back higher looking once more for 861.30. At these higher levels sellers will once more look to cap the move higher, and buyers have to grit their teeth and push this higher through resistance to the next level of 869. This is good resistance and buyers will be looking to take profits at this point. Sellers also will be in evidence and the market should halt at this point on the first attempt.

836 breaking sees sellers win the first round and declines would then be expected through to 832. If sellers can break through this barrier look for the band of 825 to 817 where buyers would be looking to re-instate long positions.

Support

842.35

840.20/838

836.120

832

823/821

818

813.80

809

Resistance

848

852/853.5

859.40

869***

873/875.5

883/86*

893

907.50

Today’s Pivot Points

871.90

862.90

852.30

843.30

832.70

SHORT TERM HOURLY FIB RETRACEMENT LEVELS.

846.65

838.91

832.00

825.08

817.35

LONGER TERM DAILY FIB LEVELS

734.10

770.69

803.40

836.10

872.27

Mini Dow Jones June Contract

Buyers have performed well over the past week, and yesterday was no exception. You saw the market move once more to the 61.8 longer term fib level of 8061 and once more it capped. Now this has eased slightly from these highs, but again, underlying strength below here to 7757 presents buyers with golden opportunity to re-invest in this market.

Only below here would buyers wobble slightly with sellers gleefully wrenching away power from the buyers with scope then for 7653. Now as stated buyers have been unable to break through the 8070 barrier.

However if they do, sellers will be swiped aside like flies and buyers will grab the reins and charge higher with 8225 then the likely short term target. Profit taking by triumphant buyers may limit the move higher initially. Sellers will still be wary up here as a break of 8225 sees buyers once more charging forward with 8274/80 targeted.

Support

7911

7886/64

7801

7779

7757*

7696

7653*

7630/11

Resistance

7961

8023

8061/8070**

8115/25

8198

8225*

8274/80**

8322/48359/70

Today’s Pivot Points

7989

8068

7916

8141

7837

SHORT TERM HOURLY FIB RETRACEMENT LEVELS.

7902

7818

7743

7668

7584

LONGER TERM DAILY FIB LEVELS

7111

7452

7757

8061

8402

10 Yr T.Note June Contract

Buyers have taken this higher for 123.09. Pullbacks have been seen to 122.27 and buyers have been waiting to here. They should push the market higher with 123.09 looking once more to entice.

Buyers would also re-instate longs above 123.14 as a break above would lead this higher with 123.28/124 the objective which will fuel buyers. Profit taking will be evident at these higher levels. Sellers may show their faces at the highs of 124 and that will help ease the overbought scenario seen on the short term charts.

Now if sellers stamp on 123.09 you should see this come lower with 122.16 their objective. At these lower levels buyers will reappear ad only doubt their longs if the market breaks below 122.06.

Support

122.27/26

122.16

122.10/06

121.13

121.03

120.26/24

12012

Resistance

123.09*

123.14

124.00*

124.07

124.135

124.18

124.27/31

SHORT TERM HOURLY FIB RETRACEMENT LEVELS.

122.16

122.27

123.06

123.16

123.28

LONGER TERM DAILY FIB LEVELS

124.12

122.03

120.01

118.00

115.23

Subscribe by RSS Subscribe by Email