Technical forecast for US and Euro Stock markets

EuroStoxx climbed steadily through the day to break our upper resistance 2652 & head for last week’s high at 2668. So 2668/2671 is the main obstacle this morning. We also have various time period Fibonacci levels here, Bollinger bands & 21 day moving average plus 9 week MA just above at 2676 so it is only above here that bulls can relax again & target 2690/93. The chance of a high for the day here but if we push on there is little to stop a move to 2716/19.

Support at 2651/50 could hold a drift lower but below here look for 2639, possibly 2630/27 but doubtful we go any lower now that the daily outlook has turned bullish.

Dax smashed through all resistance reaching 7765. We now face quite tough trend line & short term Fibonacci resistance at 7780/87 but with the daily picture now much more positive, if we can clear 7800 we should see 7835/38 then 7856.

Support seen at 7720 then 7696/91 below could hold a slide. Below here 7658 looks a good buying opportunity with stops below 7640.

FTSE broke 6318 to test 6359/62 which did hold the move as expected. However we have good upward momentum & a break above 6370 is possible, to trigger stops on any shorts for a 6396 target. This takes us back to the high of mid 2008. We could look quite over bought at this stage so it may be wise to exit longs here & if trying shorts we need a stop above 6405 for a run to 6500/05.
If we fail to beat 6360/65 now we should test support at 6344 then below 6330 we have strong support at 6321/20. We look for a low for the day here but longs need a stop below 6307 for 6295/92 & another buying opportunity.

S&P is unstoppable as we rally for the 8th consecutive week. We broke 1521/22 to hit the next target of 1527. These are the highs of Dec 2007 but we are pushing on this morning with 1533/35 the next resistance. You cannot rule out a move above here for 1541/43 then 1548/51.

Support is clearly 1522/21 but below here risks a move to 1516/15 which should offer a nice chance to buy into longs with a stop below 1511.

Dow Jones Industrial Average crawled through 14000/005 but only reached 14023. A push through here should allow us to push on towards 14097 then 14205.
Support today is at 13970 but below here 13938 should offer a buying opportunity with a stop below 13900.