FTSE June must hold above 6985/6990

Daily Forecast - 21 April 2015

Ftse June contract

FTSE June must hold above 6985/6990 to continue the recovery & re-target 7021/25. If we continue higher today look for 7045/49. A break above Friday's high at 7057 then opens the door to a retest of the all time high at 7081.5.

Failure to hold first support at 6885 is more negative for today & risks a slide to 6965/60. If we continue lower look for a test of support at 6930/25. A break lower however targets strong support for the week at 6885/6880. Should be worth trying longs here, but being such a major level we need quite wide stops below 6860. A break lower however is a sell signal and sees 6880 act as resistance to target 6835. A good chance this will hold the downside today but a break lower cannot be ruled out & could target 6800/6795.

E Mini Nasdaq June contract

Emini Nasdaq must hold above 4410 to maintain gains & target 4429/30. We could continue higher to retest last week's high & trend line resistance at 4440/4443. A high for the day possible but shorts need stops above 4455. A break higher targets 4462/67 then the 4483 highs.

Below 4400 however is more negative & risks a slide to support at 4375/74. Longs need stops below 4360 to target 4355/52. If we continue lower look for a buying opportunity at 4335/32.

Emini Dow Jones June contract

Emini Dow Jones must hold above 17,930 today to retest 18,000/016. If we continue higher a retest of last week's high & short term trend line resistance at 18,080/090 could be seen. Watch for a high for the day but shorts need stops above 18,125. Be ready to go with a break hi for 18,155 then 18,210/220 before all time high at 18,270.

Failure to hold above first support at 17,930 risks a slide to 17,895/885. If this does not hold the downside look for a buying opportunity at 17,830. Longs need stops below 17,800 to target good support at 17,770/760.

S&P June contract

Emini S&P must hold above 2089/90 to build on gains re-target 2100/2102. Exit longs & try shorts up to last week's high at 2105 but our shorts need a stop above 2108. A break and close above here is positive and should see bulls push on towards alltime highs at 2116/2118.

Failure to hold above 2089 risks a slide to 2080. Try longs with stops below 2075. A break below 2072 keeps the market under pressure for a buying opportunity at 2065/2063. Longs need a stop below 100 day moving average at 2060. A break lower however is much more negative and sees 2063/2065 act as resistance for a test of two and half month trendline support at 2053/2052.

Eurostoxx June contract

EuroStoxx key to direction today is strong resistance at 3658/3662. Sell with stops above 3670. A break higher however sees 3660 work as support to target 3680 then strong resistance at 3700/3705. Try shorts with stops above 3715. An unexpected break higher targets 3730.

First support at 3635/32 could hold the downside but a break below 3620 adds pressure to target 3608/03 before strong support at 3600/3590. Buy with stops on a move below 3585. A break lower is a sell signal to target 3575 then 3550/45. Try longs with stops below 3530. A break lower targets 3515/10 then a buying opportunity at 3498/93.

Dax June contract

Dax June key to direction is strong resistance at 11,950/960 & could be worth trying shorts with a stop above 11,990. A break higher however is a buy signal & targets 12,035/045 then resistance at 12,125/135. A good chance of a high for the day but shorts need stops above 12,160.

Below 11,890 risks a slide to good support at 11,850/840. Try longs with stops 11,810. A break lower is more negative & targets 11,775. If we continue lower look for a retest of yesterday's low at 11,718 & a gap to fill at 17,710. Trend line support at late March lows at 11,650 is the last line of defence this week. A break lower would be an added negative signal & could see us quickly target 11,610/605 & perhaps as far as support at 11,520/510.