Technical forecast for US and Euro Stock markets

Dax futures finally broke the 7795/7805 resistance today as we head towards our target of 7896/7906 to take profit on longs. A push through here would see us on the way to 7930/33 and then 7988/96.

The bull rally continues so any weakness today should offer a buying opportunity with support at 7826 then 7795. A low here today is likely but failure could see 7769 possibly 7744.

Eurostoxx finally broke 2726/29 keeping the 7 month bull run alive as we halted just 3 ticks from the 2756 target. A break above here today should see 2763/66 for some profit taking but if we continue on look for 2783 then 2799 this week.

Below 2734 finds support at 2723 and the chance of a low for the day. However below 2714 look for 2704 where we should run in to buyers and perhaps see a low for the day but failure could target 2692.

S&P very slowly closing in on the target of 1503. If we continue higher this week we look for 1511 next.

Support today in this slow moving bull market is 1492 then 1488 with a good chance of a low for the day but a break targets 1485.

Dow Jones Industrial Average Future broke above the 13799/818 resistance area but only reached 13840. A push through here today can target 13932 then 13994 this week.

Support in this bull market seen at 13774 but below here we may test 13739/34. Any longs need a stop below 13700 for 13676/668 as the next support level.

FTSE future broke resistance at 6232/37 but fell just short of the target at 6266 as we topped at 6257. A push higher today targets 6277 then 6306.
The 7 month bull market show no sign of topping just yet so we can be buyers on any weakness down to 6205. If this level fails however look for 6175 next, possibly 6155/48

Jason Sen began his career in the options pits on the trading floor of LIFFE in 1987 at the age of 19, making markets on his own account. In 2001 when the trading floor closed he successfully made the transition to day trading on computer screens. Jason always had an interest in technical analysis throughout his trading career but began to study this area in depth from 2006. www.daytradeideas.com has established itself as the leading provider of... More