Ftse June contract
FTSE holding good support at 7120/15 for a bounce to 7148/49 then first resistance at 7158/63. We should struggle here in but further gains eventually not out of the question targeting 7186/90 before the 7220/23 area. Above 7230 targets 7255 before short term trend line resistance at 7275/80. On further gains look for 7295/99 then the late February high at 7315/20.
Good support at 7120/15 could hold the downside again today. However below 7100 risks a slide to 7085/81, perhaps as far as support at 7070/65. Below 7045 meets good support at 7000/6990.
Dax June contract
Dax holding above 12420/440 is positive for today but strong resistance at 12520/540 is a selling opportunity with stops above 12595. Despite a great 2 week performance & break above 12440, the outlook is very negative if we fail to beat 12520/540. Obviously holding below 12410 is more negative for today targeting 12370 & minor support at 12345/335. A bounce from here is likely on the first test but may only reach 12410/430. Further losses meet quite good support at 12290/280 & the best chance of a low for the day in the short term sideways trend. A break lower however targets 12225/215, perhaps as far as 12170/160.
Strong resistance at 12520/540 is a selling opportunity in overbought conditions, with stops above 12595. A break above 12600 however runs in to the 200 day moving average at 12660/670. Another big challenge. Above here we hit the 100 dma & January low at 12720/730 & I very much doubt this can be beaten.
Eurostoxx June contract
EuroStoxx risks are to the downside in the bear trend now. Minor support at 3358/55 then 3339/35. On further losses look for 3325/22 before the best support today at 3309/05.
Try shorts at 3385/90 with stops above 3405. An unexpected break higher however targets 3420/25 & 3435/39.
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