Technical Analysis: S&P 500 Mini, FTSE, Russia RTSI

FTSE:

FTSE made some small gains yesterday beating previous highs and stopping just short of resistance at 5775. We couldn't close above previous highs and we are starting to look a bit toppy but we were held up be fib support at 5718.

Resistance is found at previous highs of 5766 up to yesterdays highs at 5773/75, above here the next upside target at 5802 and we would expect this to hold at the first attempt.

Support on any pullback starts at 5749/51 before yesterdays lows and fib support at 5722/18. We would look to cover all shorts here and attempt small longs keeping stops below 5706/02. Below here look to 5684 then 5669/67 before a strong area of support at 5656/57. Below here we have the weeks lows at 5609 and then very strong support at 5585/89.

S&P 500 mini:

S&P has done nothing yesterday to alter our view...even with negative looking Bond markets.. We would still be selling this market..and we would only reverse if we made a break above 1333… 1329 offers a previous top...and we would be sellers to here. We would envisage a move lower with 1314/11 the first target. Here cover all shorts.

Look to re-sell a break of 1309 as a loss of this support leaves the market with 1295/1293 target quite quickly.

Now if we do not decline and break the 1333 barrier there is nothing of any importance until the 1345/48 area. We will look again at the market if this area is reached..



Russia RTS index:

RTS made new highs yesterday and we still look to be on our way to test the highs at 1628.

Resistance on the way to these highs is at 1605/09 and 1614/16. We would expect to hold the highs at the first attempt but if we make a break above 1628 ext upside target is 1678/80.

Support if we have a pullback is found at yesterdays lows at 1590, then 1580 before 1571, below here we have 1559/63 and then 1542/45 and we would expect his area to hold any pullback today. However If we get through this support e would look to 1526/27, this area is strong support and we could attempt longs keeping stops below this 1518 support.