CAC40 Futures (September):
Strong support area around 3700 points. As long as this support holds, the upside trend prevails.
If broken, we could see a move towards 3650 points without questioning the bullish trend.
A resistance has formed between 3761 & 3770 points, and should stop any weak attempt to move higher.
However, we can expect to see a test of 3700 or 3770 (or both) as many key stats are reported today and later this week.
>> I have no open position at this time on the FCE. I would favor short positions as soon as I see reversal signs (like a new failed attempt to break the 3770 resistance). A trading range configuration is likely to last until Friday and the BLS's July report.
Crude Oil Futures (September):
As expected, the key resistance at $ 80.00 was overrun earlier this week, and my targets (80.80 and 82.00) were both reached. It seems today that crude oil is heading higher again, but the move is pretty weak so far.
Huge volatility is expected today as petroleum inventories will be released at 16.30 CET or 10.30 ET, therefore we should see bigger moves later today.
Any move below 81.10 may allow bears to drive prices much lower with the key support at $ 80.00 in mind.
Above this level, I think that the market is likely to remain bullish on crude oil, but in case of a sharp downward move, I will set a sell stop order below 80.00 as we could see a trend reversal. But right now, oil prices remain above $82.00, far away from that crucial level !
Moreover, stocks are heading higher after a surprisingly good ADP report, so, there is no visible reason to go short at this time.
>> I remain bullish on Crude Oil above $81.00. However, I have to say that I expect a correction in the short term. Much will depend on the EIA's estimates.
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