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  1. FTSE had an opening gap to 5643 and despite filling it below, we broke and held above good resistance all afternoon at 5652. We now look to this level as good support and look to bounce from this level. 5652 remains support but sell a break of 5643 tomorrow for 5625 and possibly a test of the weeks' low at 5609. This is good support and we would cover all shorts here and try small longs keeping stops below 5581. Below here we have support at 5558 before January lows at 5539 we would attempt longs here keeping stops below 5524. If we manage to get through here look to 5501. If we see a bounce look to 5672/75 before 5686/89 and then good resistance at 5712/15 this area is now trend line and fib so we should be sellers up with stops above 5738. above here we would be looking to test the highs at 5763/66. Dax headed higher to 6515/22 giving us a chance to establish shorts as we topped at 6538. We look for pressure to the downside today and we can take profit on those shorts at 6463/58 if we have not already yesterday afternoon. Below here look for 6430 support and then Monday’s low at 6416. A break lower could be expected today to target that 6393/83 level. If this fails today we should see prices heading for a test of good support at 6351. Cover all shorts and attempt longs here as we look for a short term bounce. Stops on longs needed below 6335 for 6323/20 and possibly 6295/85. Resistance at 6493/98 then the 6522/38 area. This should be tough to beat but if we make it higher look to establish shorts once again at 6570/80 as we look for a double topping pattern and weakness in to the end of the week to follow. Pressure is now building for a move lower in to next week. Eurostoxx did bounce for a selling opportunity with pressure seen remaining to the downside at this stage. Failure to get through 2422 keeps the sellers in control for a retest of 2397/93. Be prepared for a break below this support today for a slide to 2370 next. Cover shorts here with the chance of a bounce back to at least 2393/96. However a break below 2370 allows the gap to be filled down to 2360. Attempt longs here for a resumption of the longer term up trend, adding to shorts down at 2351/47. We are very unlikely to fall any further but stop losses needed as always and this time below 2336. Above 2422/20 can go for yesterday’s highs at 2435/40 and if this does not hold a visit to 2446/50 is possible. Attempt shorts here and add to these shorts up to 2468. As stated, we look for this level to hold the upside again. However if we do manage to break higher today we may stretch to 2502/09. There is a combination of many resistances here so unload any longs and attempt shorts up in this area.
  2. Eurostoxx tested the 200 week MA and Oct high at 2575/78 and blipped higher to 2582 in the afternoon but could make it no further. If we beat 2582 today this should lead to a test of 2012 highs and the big double top at 2602/07. Clearly this is a very significant level and with the market overbought on daily and shorter term charts there is a strong chance of a high here for this 2 week recovery. We have to attempt shorts here with a stop above 2613. We then run in to the 61.8% retracement level of the losses from the highs in 2011 at 2638 and this therefore should be very tough resistance. Attempt shorts once again with a stop and reverse in to longs above 2650. Support at 2567/66 but below 2556 we could test better support at 2546/43. A low for the day here is very possible so worth covering any shorts but if attempting longs we need stop/reverse in to shorts below 2532 for a move to 2521/19. FTSE broke 5859 but has so far failed to test the Oct/Nov highs at 5903/07. With the market no overbought on daily and shorter term charts we may not each this far as profit taking sets in. A move below 5855 signals weakness creeping in and should see last weeks high at 5837 then possibly 5820/15 support tested. Watch for a low for the day here so exit any shorts but if we try longs here we need stops below 5804. Sell in to shorts on a break here as this could keep the market under pressure for 5783/73. If we manage to push through 5886 we run in to the Oct/Nov highs at 5903/07 and a good chance we go no further. However if we do continue on through here the Sept highs of 5933 could be the next stop. Dax broke trend line resistance at 7409 but the move was limited to 7418 as the market starts to look over bought on daily and shorter term charts. Even so we cannot rule out a break above yesterday’s high to test October & November highs at 7440/49. We should struggle here so worth exiting any remaining longs and moving in to short positions up to the 2012 highs at 7476. We will be looking to stop out of shorts however and buy back in to longs on a break above 7500. Support at 7382 then 7360 is the target below. Failure here sees us drifting further towards 7341, possibly 7323. Exit any remaining shorts here and look to buy in to longs on a move towards 7310/07. Stops on longs needed below 7295. Look to sell back in to shorts then with a move to 7270/65 likely. S&P did break 1416 but only made it as far as 1418. This is 55 day MA as well as the high for the first half of this year. The market is overbought now on the daily and shorter term charts so there is a risk we make it no higher now and start to hit profit taking. 1410 is the level to watch as a break below here sees us back towards 1407/05 and the 100 day moving average. We then find good support at 1401/00 and a probable low for the day if tested. If attempting longs here we need a stop/reverse in to short positions below 1395 for 1390/88. We are in a very strong 2 week up trend so we cannot rule out a break above 1418 for a test of the 1423/25 resistance level. This should be very tough to beat so worth exiting longs and trying shorts with stops above the Nov highs at 1432. eurostxx.pdf Dax.pdf Ftse.pdf S&P.pdf
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