Futures Outlook For Friday: S&P, Mini Dow Jones, Crude Oil

By Carol Harmer on April 3, 2009
S&P 500 June Contract
S&P again behaved perfectly, holding lower support at 807 and trading to 842. Buyers were happy and sellers didn’t really have to do much except defend 842.
Now this morning there is scope for pullbacks with 825.52 your first short term retrace target. Buyers will be cautious at these levels, not knowing whether it will hold or not. Sellers will be looking for this to come lower and a break through to 818/816 is viable. Short covering and renewed buying interest at these lower levels should halt any initial attempt. It is only below 816 that buyers will be scratching their heads looking to reverse longs for 809/807. 842.35 as stated is the break out point for new buyers at higher levels. A break above here sees 847 fairly quickly. Above 847 sees renewed buying pressure with 852/853 the immediate objective. Short covering may cap initial advance. Buyers would only re-instate above 854 for 859.40.
Yesterday’s Price Action
High : 842, Low : 807.5 , Close : 835.50
Support 831, 825, 821, 818, 809, 807.95, 806/804, 798
Resistance 838.6/840.20, 842.35, 847, 852/853.5, 859.40, 869***, 873/875.5, 883/86*
Today’s Pivot Points
862.8, 849.1, 828.3, 814.6, 793.8,
SHORT TERM HOURLY FIB RETRACEMENT LEVELS
825.52, 816.77, 808.95, 801.12, 792.37
LONGER TERM DAILY FIB LEVELS
734.10, 770.69, 803.40, 836.10, 872.27

LIGHT CRUDE OIL May Contract
No change. Rallies continued yesterday, breaking through 51.80 for 52.87 before coming slightly lower. However this is not the end of the buyers story and the higher end of the comfort zone is at 54.20/66 and this is where potential sellers should be waiting with profit taking buyers. You should see the market back off these higher levels, but support will be defended at 49.40 and buyers will re-enter the market at these lower levels. Only below 49.00 would buyers wobble slightly.
So 54.20/66 remains your short term objective. A break above here would trigger buyers leaping into action with the longer term objective of 64.50 firmly in their sights.
Yesterday’s Price Action
High : 52.87, Low : 48.45, Close : 52.64,
Support 51.80, 51.20, 50.25, 49.87, 49.40, 48.30, 48.03/47.94, 47.65
Resistance 52.45, 53.65, 54.00/20, 54.66/70*, 55.40, 56.93, 57.25*, 57.89
Today’s Pivot Points
55.74, 54.19, 51.32, 49.77, 46.90
SHORT TERM HOURLY FIB RETRACEMENT LEVELS
51.47, 50.73, 50.07, 49.40, 48.66
LONGER TERM DAILY FIB LEVELS
49.40, 46.61, 44.11, 41.61, 38.82