FuturesTechs Blog

As the FTSE Futures near important resistance levels, the Year’s highs, we posted a comment this morning that started off in our normal level headed manner, then descended into something of a rant! Here it is for all to share!!!

“Today could be all about 5950. A hold above here keeps the bulls in the box seat and suggests we can head to 6030 then 6086.5″.

Stop there! Say no more. We held 5950. We bounced from a low of 5968 to hit the heady heights of 6033.5 by the day session close, getting up to 6039.5 in the after hours trade, and 6044 in today’s overnight trade.

So we are seeing off 6030 and now have our eyes trained upon 6086.5-87.5, the February high. This rally is on low volume. Back it while it lasts, but don’t be surprised if it doesn’t, and don’t come crying to me if it falls over, because I’ve been worrying about this and warning about it all the way. Houses built on sand don’t stay up for very long. Rant Over. Enjoy the Wedding!

As well as the FTSE FuturesTechs covers 22 markets every day, giving Chart, Support and Resistance levels, plus Commentary each morning before the markets open. This award winning service is widely read by Investment Professionals, and some of our clients have been with us since we started over 10 years ago.

If you are an Individual Trader please go to http://www.futurestechs.co.uk/trial/ to request a free trial of our Web-based service.

The same reports are available to Fund Managers, Brokers and “Pro” Traders in printable format. If you are in this category please request a trial at http://www.futurestechs.co.uk/professional_trial/

Last Thursday we highlighted Silver, which we described as being “on a tear”. We have since added 10% then given back 10%, rejecting a high just shy of the psychologically important 50 bucks mark. Here’s what we’ve put out to our clients today:

“This is no reason to go short. Selling something that’s going up is dangerous, bordering on stupid. Sure, it probably can’t go on, but for now there’s no signs of a reversal in sight”.

This line from last Thursday’s report seemed to create a bit of a stir and it looks like it was quoted on at least one newswire story. So what is a sign of a reversal?

A candle with a large range but a really small real body? Yes, that sort of thing Like yesterday’s? (A Long Legged Doji, to give it a name). Precisely….

Yesterday this one traded up to 49.820. In today’s overnight session we have traded over 10% off of this high. Interesting times. Where did we top out the last time around, when Bunker Hunt was buying all the Silver in sight? 50 bucks, give or take…

Channel support is 42.735. We would “call a top” if the market drops through here, especially if it happens quickly.

Here at FuturesTechs we cover 22 markets every day, giving Chart, Support and Resistance levels, plus Commentary each morning before the markets open. This award winning service is widely read by Investment Professionals, and some of our clients have been with us since we started over 10 years ago.

If you are an Individual Trader please go to http://www.futurestechs.co.uk/trial/ to request a free trial of our Web-based service.

The same reports are available to Fund Managers, Brokers and “Pro” Traders in printable format. If you are in this category please request a trial at http://www.futurestechs.co.uk/professional_trial/

Below is today’s sample of one of our reports, looking at Silver, which is “going parabolic” as we put it!

We cover 22 markets every day, giving Chart, Support and Resistance levels, plus Commentary each morning before the markets open. This award winning service is widely read by Investment Professionals, and some of our clients have been with us since we started over 10 years ago.

If you are an Individual Trader please go to http://www.futurestechs.co.uk/trial/ to request a free trial of our Web-based service.

The same reports are available to Fund Managers, Brokers and “Pro” Traders in printable format. If you are in this category please request a trial at http://www.futurestechs.co.uk/professional_trial/

Further gains since we last wrote, and this is “going parabolic” now, it seems, adding solid percentage gains by the day. A month ago we were trading around $35, so have added near on 30% in that short space of time. This is no reason to go short. Selling something that’s going up is dangerous, bordering on stupid. Sure, it probably can’t go on, but for now there’s no signs of a reversal in sight. There is scope for this move to head to 47.580 in the short term as this is where the top line of the channel sits. The daily RSI is at it’s highest reading since April 2006, but as we said earlier in the week this isn’t a sell signal per se, a move back below 75 from here gives a sell signal…

Clive was on CNBC this morning over the phone, talking about the short term outlooks for the FTSE Futures, BP and Vedanta. Please click here to go to our “Media” page and take a look!

Please remember anyone can have a Free Trial of our Technical Analysis at any time.

We analyse over 25 markets on a daily basis including EU and US Bond Futures, Equities, Commodities ansd Forex.

Professional Traders/Brokers/Fund Managers please click here.

Retail/Spread Bet/CFD Traders please click here.

Happy New Year to all.

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!

Please also note we have made some changes to our Forex service and now provide a Lunchtime update and whatever the big story of the day is in Forex land. Please feel free to click the links below to request a free trial.

Institutional Traders/Brokers/Fund Managers please click here.

Individual/Spread Bet traders please click here.

Cheers,

Clive.

I have been on CNBC this morning talking about the outlook for the FTSE and Eurostoxx after a big week last week.The link for the interview is on our “Media” page here.

The crux of the comment was that the FTSE Futures broke higher to new territory for the year last Thursday, getting above it’s Arpil high at 5796.5. The big question when you get this sort of news driven breakout news is whether it’s sustainable, or whether you should “buy the rumour, sell the news”. In other words are we going to fall over as swiftly as we’ve broken higher? Friday’s price action, I think, offered a clue. We had a big support level at 5822 and it held firm. This suggests to me that the bulls are in charge, and hot to trot.

The next big resistance level above is 6396, the May 2008 high.

The Eurostoxx 50 Future is a different story and still has a few big resistance levels to see off, as I mentioned on CNBC.

Another market making positive noises is Oil, and Brent Crude is now breaking higher, although it has a big level to see off above at 89.58, so we’ll keep a close eye on that situation.

Gold is a hot story and has reached psychologically important resistance at 1400. We aren’t that worried by this level but have a target above that we’re aiming for.

Silver is a standout, and we’re bullish on this one while it’s above $25, and are advising our clients to buy dips to support while we’re holding firm at these levels.

Finally something for the Fixed Income mob. The Bund saw a decent turnaround last week and is back above 130.00. It now looks good to head back to it’s all time high up at 133.26.

Our clients receive reports every day on all of these markets and many more. We are happy to offer a free trial upon request, so please click here to get this set up.

We also provide an extensive service for UK Equity Fund Managers, Traders and Brokers, giving buy and sell recommendations on large cap stocks as well as daily technical signals,  adding a unique new dimension to your daily routine.

Have a good week,

Cheers,

Clive.

PS. I’ve just joined LinkedIn, so look me up if you want to “connect”!

Why not learn Technical Analysis from a whole host of experts (including FuturesTechs’ Clive Lambert) on a Society of Technical Analysts’ course?  In my opinion this is the best course on Technical Analysis that money can buy, because you learn from the country’s leading experts. There are two courses coming up. Below from the Society:

For the fifteenth year running, the Society of Technical Analysts (STA) is holding its annual Foundation and Diploma courses so that complete newcomers and experienced professionals can gain the STA Diploma, the internationally recognised qualification that is also equivalent to CFTe level 2, the International Federation of Technical Analysis accreditation.
For those of you interested in expanding your knowledge of Technical Analysis NOW is the time to sign up for the STA courses. The evening courses are run once a year at the London School of Economics starting with the Foundation Course on 3 November 2010 and the Diploma Course on 12 January 2011. The lecturers are leaders in their field and there is a written exam at the end of the Diploma Course. Passing the exam entitles you to use the prestigious MSTA designation and places you amongst an elite group of Technical Analysts in the UK.

For more information please see attached application forms or contact Katie Abberton on 020 7125 0038. Full information on the Society of Technical Analysts can be found on www.sta-uk.org

Foundation Course - 6 Wednesday evenings - 3rd November 2010 to 8th December 2010. Click here for details
Diploma Course - 11 Wednesday evenings - 12th January 2011 to 29th March 2011. Click here for details:

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.

______________

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.

Our daily analysis is read by Prop traders, Brokers and Fund Managers. Please feel free to request a Free Trial of our service.

______________

R7  - 2956

R6  - 2913

R5  - 2895

R4  - 2876

R3  - 2864

R2 - 2849

R1  - 2835

______________

S1  - 2813

S2 - 2796-2801

S3  - 2786

S4  - 2770

S5  - 2742

S6  - 2733

S7  - 2710

A few days back we said: “Dips are being bought, the bulls are in charge, and we’re not going to be caught batting against such a solid trend. Oh no!”

The market is in a rampant mood now, and put on stellar gains yesterday, trading up to then through my 1340 target (we’ve been talking about this as a target all year!).

We busted through the channel top line, RSI is overbought (the highest reading since 2005 in fact), and everything looks like it’s getting a little bit carried away. We are aware of this, and aware that sometimes this is the sort of thing that happens at a top. But that doesn’t mean we’re “calling” a top, because we can still see further upside in these sort of conditions.

If we break below 1328.2 things could start to unravel pretty quickly as I think there is now a fair bit of “speculative froth” appearing on the surface now.

_________

Below are Support (S1 to S7) and Resistance (R1 to R7) levels. On our daily 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.

Our daily analysis is read by Prop traders, Brokers and Fund Managers. Please feel free to request a Free Trial of our service.

___________

R7  - 1425

R6  - 1410

R5  - 1404

R4  - 1400

R3  - 1379.4

R2  - 1373.4

R1  - 1350

___________

S1  - 1345.7

S2  - 1342.9

S3  - 1333.8

S4  - 1328.2

S5  - 1324.8

S6  - 1319.8

S7  - 1313.3

We’ve been asking 1131.50 to do a job as support and in the main it’s obliged.

The couple of times we haven’t held this level, yesterday being one, we’ve got down to 1127 before bouncing neatly.

We get the hint. We’ll be bulls above 1127, moving our green SkewBar area down to here.

But the market has been going sideways for a while now, and we want to see a move through 1153.50 sooner rather than later please.

We can then look for 1174.75, then 1200, then 1216.75, the latter being the YTD high from late April.

______________

Below are Support (S1 to S7) and Resistance (R1 to R7) levels. On our daily reports we also include a chart, and our unique “SkewBar” giving you an instant snapshort of the current short term trend.

Our daily analysis is read by Prop traders, Brokers and Fund Managers. Please request a Free Trial of our service if you wish.

______________

R7  - 1174.75

R6  - 1166.25

R5  - 1159.50

R4  - 1153.50

R3  - 1146.50

R2  - 1144

R1  - 1139.75

______________

S1  - 1137

S2  - 1132.75

S3  - 1127

S4  - 1121.25

S5  - 1117.25

S6  - 1114.75

S7  - 1105.75