Technical forecast for US and Euro Stock markets

FTSE could come under pressure and test 6209/04 support again today. Below here a retest of good support at 6179/74 could see us bottom out but on a break look for 6150/45. Exit all shorts for today & buy in to longs for a bounce expected here. Longs will need a stop below 6130 for a test of 6095. If we do not bounce from here then 6041/35 could be the next downside target.

Resistance at 6248 should be hard to over come but above here look for 6266. It should be worth trying shorts here with a stop above 6277 for 6291.

Dax futures went for our target of 7660/70 and topped at 7678. We may see a pullback today with 7604/00 our first support. Below here we have Thurs/Friday lows at 7576/65 which may provide a floor again. However if we continue lower look for excellent support at 7536/26 which is very likely to hold the downside so we will be exiting any shorts and buying in to longs. Stops below 7500.

A break through 7680 today targets 7700/12 where we may top out for now. However above here 7734 is a good target to exit remaining longs & try shorts looking for a top in the early part of the week.

EuroStoxx beat 2626 but could not make it past last Thurs/Friday highs at 2637/41. If we can push higher today we look for 2651. Good chance of a high for the day here but if we keep going look for 2661 then 2671. Sell in to shorts here with a stop above 2677.

If we cannot get back above 2623 we could test 2610/04. If we hold here then we have the making of a bullish reversal pattern & should head higher in to the end of the week. A move below 2597 however risks a retest of 2589/83 lows. This remains good support a second chance to buy in to medium term longs in the hope of a double bottom, with a stop below 2564.

S&P edged higher through 1515 reaching 1517. A push through here takes us towards 1521 later in the week and eventually 1527.

Good support at 1510/09 today but below here look for 1507/06, possibly 1504/03 which should hold a slide today. However 1500 should be a good buying opportunity with stop below 1494.

Dow Jones Industrial Average is stuck in a 13800-13962/75 range getting ready for a break. Although the market is severely overbought & in need of a correction, the longer we go sideways & test 13962/75 , the more chance we break to the upside. A break above 14000 means that the bulls are back in control and we should push on towards 14097 then 14205.
13868/66 should act as good support today. However a break of 13835 could target 13802/13798 next.