FuturesTechs Blog

In yesterday’s Gold report we wrote: “Are we on the cusp of something trend changing, or will the bulls rescue things once more by keeping us above 1524? We could well have the answer to this by the end of the day”.

We saw a break of 1524, and on a closing basis, so here’s what we sent to our clients this morning:

We broke trend support yesterday, we got an uptick in volume, and we got a move to 1511.4 before the buyers woke up. In overnight trade we have got back up to 1522.5 as we write, and will likely give the trendline a retest. It is at 1526.2 today.

A failure here, or shy of here, will give the bears further ammo, and we’ll look for a move to 1475 to unfold as we start the unwinding trade.

Bigger picture this could see weakness to 1416 or even 1370.

Click below for today’s Chart, plus our Technical Levels and our unique “SkewBar”, showing we are now Bearish below 1526.2.

To request a Free Trial of our Daily Technical Analysis Reports please click here.

Individual traders can have a look on our website on a trial basis by clicking here.

The last few days have seen some big swings either way in Equity markets.

“Where next?” I hear you ask! Our chief market analyst Clive Lambert was on CNBC last night trying to pick the bones out of this price action, looking at the S&P 500 Futures, FTSE Futures, and suggesting Fresnillo as a Stock to buy.

See it on our media page by clicking here.

For today’s Forex “Lunch” Report we looked at the Dollar Index . As well as covering 4 major FX Crosses every morning we also send out a lunchtime update on anything that’s of interest in FX Land!

Below (click on the picture to get a full size version!) is today’s chart for the Dollar Index, showing reasons to think we may be heading back lower again.

If you would like a free trial of our daily technical analysis reports please click on one of the links below:

“Professional Trial”, for Traders, Fund Managers, Brokers etc click HERE.

“Website Membership” for Individual traders, suitable if you’re Spread Betting or trading CFDs click HERE.

This morning’s reports on Silver and the FTSE would have reaped dividends for our clients, for different reasons.

Here’s the text of the FTSE Futures report:

We have posted the “all sessions” chart today because it’s actually a bit cleaner, and also shows what we’ve seen overnight; selling.

Selling to the 200 day MA as well, this well watched proxy sitting at 5771.5 today.

Yesterday’s low was 5827 in day session trade so this is a bold resistance above, and if the bulls don’t quickly retake this mark we will likely break through 5771.5 and head to 5615.5 then 5584.

If the bulls can dust themselves down from this weak open and get us back through 5816 and 5827 we then need to retake 5869.5 then fill the gap to 5912.

My gut tells me this weak open is a buying opportunity. The chart tells me otherwise…

Nice “gut feeling”!

Our Silver commentary was a bit more “nailed on”, and since we sent it out first thing this morning in the UK it traded up to 37.330 (as we tuck into our lunch in the UK, awaiting the open in the US):

Lunchtime (in the UK!) Update: We now have day session gap support at 36.400, protected by the broken resistance at 37.020, the latter having done a job in the last hour or so “on the retest”.

To request a Free Trial of our Daily Technical Analysis Reports please click here.

Individual traders can have a look on our website on a trial basis by clicking here.

We have posted today’s Gold comment below. In European trade we have seen a hold of our key support level of 1486.9-1487.7, so the trendline is holding firm, suggesting this is a buying opportunity. We now need to see 1500 taken out…

Today’s comment, sent to our clients at 07.30am (UK time):

Gold struggled with $1500 yesterday, pretty much all day, and this psychological barrier is clearly causing some bother as we try and rally off of trend support, a line that moves up to 1486.9 today, not far away from yesterday’s 1487.7 low (set in the European morning session).

So it’s a tug of war in the short term, but a well defined battle, which makes our job pretty easy.

•Scenario 1: Break 1500, see a reaction through 1508.6 to retest 1526.5.

•Scenario 2: Break below 1486.9, gun for 1462.5. We would turn bearish if the latter broke and look for 1416 next.

To view the Report as sent to our clients, including Support and Resistance Levels, Automated Levels, and our unique “SkewBar” please click the thumbnail below:

To request a Free Trial of our Daily Technical Analysis Reports please click here.

Individual traders can have a look on our website on a trial basis by clicking here.

Last week we posted a Blog about the potential Head and Shoulders pattern forming in the FTSE Futures. Things got interesting with respect to this yesterday, which was the crux of our morning report, reproduced below.

The fact that we’re not breaking this line PROPERLY does suggest the market’s ambilvalence is set to continue.

Towards the European close yesterday we were selling off, and we’d got through 5858, the Neckline of the Head and Shoulders pattern that we’ve been watching of late. So on the “Day only” chart that we prefer, as above, we have a slight closing break of this Neckline, and a sell signal.

Except we’re called 50 higher this morning and this will instantly tell us that the sell signal is a false one.

It looks like the market is happy in it’s current moribund range-bound confused stupor, and we’ve got to put up with this situation for a bit longer.

We’re not getting any firm signals at the moment, then, and this counts for the Individual stocks as well, making our (and your) job a rather tough one.

Trial for Professional Traders/Brokers and Fund Managers, click here.

Trial for Individual Traders/Spread Bet/CFDs traders, click here.

Today’s Gold report from FuturesTechs focused on the trend support line that’s doing a job right now, and we switched back to a bullish stance, thinking that the market can head higher from here, making this a buying opportunity.

From yesterday: “I’m tempted to go with a green SkewBar above 1477/1480/1482 as this is a strong area of support that seems to be keeping a bid under this one”.

…and Today: We didn’t do this yesterday, but we’re going to today, because 1488.5 did a job as support all day, and it didn’t look like we wanted to go down. We rallied in the end, up to 1504.3, so we didn’t worry bold resistance at 1508.6, but we continue to hold above this bunch of bold support below, and the bulls should be good to keep this going, which makes this a buying opportunity.

To request a Free Trial of our Daily Technical Analysis Reports please click here.

Individual traders can have a look on our website on a trial basis by clicking here.

Below is the Comment and Chart from today’s FuturesTechs report. As well as this we provide Support and Resistance levels from our own analysis, as well as “Automated” levels referencing Market Profile, Pivot Points and Moving Averages.

If you would like a free trial of our daily technical analysis reports please click on one of the links below:

“Professional Trial”, for Traders, Fund Managers, Brokers etc click HERE.

“Website Membership” for Individual traders, suitable if you’re Spread Betting or trading CFDs click HERE.

From yesterday: “Backing either camp is proving difficult in this volatile environment so our Skew turns neutral’

Sideways consolidation at multi month highs remains the story, albeit in a volatile environment. The dip below the previous days low found buyers at 1328.75 who rallied the market up to 1348.75, the previous breakdown level, on good volume.

Yesterdays low validates an up trend line from the low on the 14th March. Today this trend line provides support at 1330.50. Yesterdays downside rejection in conjunction with the validation of the up trend line means our Skew switches to tentatively bullish above 1330.50.

We have sent an extra report to our customers this morning, outlining the POTENTIAL sell signal that’s looming in the FTSE Futures. Here is the text and accompanying chart:

We have a potential “Head and Shoulders” pattern forming in the FTSE, although the sell signal has not been given yet.

The sell signal comes if we break the “Neckline” which is at 5851, and probably on a closing basis as well (although a “clean” break on high volume would convince me enough to take the signal “intra-day”).

The target, using the traditional measuring technique for this pattern, would be 5600.

Of course this also comes off the back of the recent failure at 6095, which was very similar to the February high/failure (6086.5). The “Double Top” sell signal from this situation would only be triggered on a move through 5584.5, so a long way off yet….

5851 is on the radar, however, so “Watch this space!”

If you would like a free trial of our daily technical analysis reports please click on one of the links below:

“Professional Trial”, for Traders, Fund Managers, Brokers etc click HERE.

“Website Membership” for Individual traders, suitable if you’re Spread Betting or trading CFDs click HERE.

Here is a segment from today’s Brent Crude Technical Analysis report from FuturesTechs. We gave clients a preemptive “call” prior to last week’s sell off, and this morning’s price action, a failure at 118.37, could be the start of the next leg lower.

A free trial is available by following the links on our website.

Getting above 115.62 was good news for the bulls and we are now approaching a couple of big hurdles to the upside in the shape of 118.37 and 119.03. 118.37 is the 61.8% retrace of the move from the highs, and if this is the start of a bear move we really need to see the market fail here. 119.03 is the level that triggered a sell signal when it broke, and boy did we get a reaction when that happened last week!

Above these two there’s little to stop us from getting back up to the recent highs. However a failure at these levels followed by weakness through 116.15 gives the bears something to shout about once more.