FuturesTechs Blog

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Cheers,

Clive.

This morning’s support and resistance levels in the Eurostoxx 50 Futures included 2957 as an important reference above and 2925 as our first support below. It is Midday now (in the UK) and the range has been 2926-2958. This is the kind of reliability our customers depend on us for.

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Today’s Comment and Chart for the Eurostoxx 50 Futures:

Stoxx opened towards Mondays low at 2940, tested higher at 2952 and then drifted to 2925 into midday. A rally into the cash close up to 2950 wasn’t sustained after hours, and the close at 2936 confirmed the previous days Bearish Engulfing candle.

Although there was an uptick in volume the confirming candle didn’t breach any support levels so we’re bearish, but somewhat  tentatively.

Marabuzo resistance remains at 2957. The 76.4% retracement of the February - March bear move remains at 2983.  Horizontal and Marabuzo support stands at 2918 and 2912 respectively.

I did a telephone interview on CNBC this morning, although they were somewhat rushed for time and I got 2 minutes! So anyway, if you have a spare 2 minutes I’ve posted it on our “Media” page: http://www.futurestechs.co.uk/media.html

Enjoy!

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Cheers,

Clive.

It was interesting stuff as the bulls had a look at the August high before turning tail and letting this drift back a level.

The high was exactly at 2849 (we had suggested thinking in terms of a 2842 - 2849 resistance region after the 2842 high on Wednesday).

Stochastics have reached the overbought region and we’re glad to stay bullish here for the moment. But our tight stop at 2801 does seem well-advised given the strength of this latest confirmation of resistance. Note that there are “Evening Star” possibilities if this closes below Wednesday’s nearby Marabuzo line at 2796. We’ll continue to back the bulls at the current levels.

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Below are Support (S1 to S7) and Resistance (R1 to R7) levels. On our daily Technical Analysis reports we also include a chart, “Automated” levels including Pivot Points, Market Profile levels and popular Moving Averages, as well as our unique “SkewBar”, giving you an instant snapshort of the current short term trend.

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R7  - 2956

R6  - 2913

R5  - 2895

R4  - 2876

R3  - 2864

R2 - 2849

R1  - 2835

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S1  - 2813

S2 - 2796-2801

S3  - 2786

S4  - 2770

S5  - 2742

S6  - 2733

S7  - 2710

In Brief: All I keep hearing at the moment is how we will have a 10% correction, so, let’s have a look:

The “funnymentalist” community, particularly Stateside, seem pretty happy with the idea that this pullback will be a “normal” affair and will pull back 10% from the January highs, at which point you can happily pile in, buy the dip, and carry on where we left off…

I thought it would be useful to know where this level is on the markets we watch. So here goes, and we’re looking at the Cash Indexes here, NOT the Futures:

Dow: High was 10730. 10% pullback level is 9657 (currently 10023)

S&P 500: High was 1150, pullback level is 1035 (at 1065 right now)

NASDAQ: High was 1897, pullback level is 1707 (1743 now)

DAX: 6094 was the January high, 10% off that is 5485.  BROKEN

FTSE: 5600 high, 5040 is 10% pullback. 5033 was last week’s low, so holding…

Eurostoxx: Pulled back from 3044. 10% back from here is 2740. BROKEN

CAC: high was 4088, so 10% back from there is 3680, BROKEN.

So to summarise,  if anyone stateside says to you about 10% pullbacks the simple thing to say is “thanks, but we’re already beyond that!”… especially if/when the FTSE breaks 5030-40.

Keep safe in these markets.