S&P Highest for a month | 7786 7815 resistance | 7748 7720 support

S&P Highest for a month | 7786 7815 resistance | 7748 7720 support

FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 27th January 2023

The S&P 500 closed at the highest level in more than a month, and the Nasdaq 100 rose 2% to the highest level since September, led by an 11% gain for Tesla. Equities in Australia rose as trading resumed, and futures in Japan and Hong Kong gained. India’s equity market also reopens after a holiday while mainland China remains closed until Monday.

The bullish vibes continue with the S&P500 closing at its highest level for a month, though the FTSE100 is still off its recent high at 7870, as well as the ultimate high from 2018 at 7900. It’s trying though to push up again, but the bears are certainly fighting back at the moment.

Initially today we may well get a drop down to the 7750 level again as we have S1 here at 7748 to start with. That would also be yet another test of the Hull MA on the 2h (that timeframe remains bullish for the moment). The daily pivot is first up though at the 7767 level which the bears will be keen to break below.

Below the 7750 level then 7720 beckons once again as we have the key fib here and just above S3 at 7710. That said, I don’t think we will have a massively bearish day, and in fact the bulls will be keen to try and get it back above 7800 and close the week out above that level. The S&P500 pushing on will add fuel to the bulls, and a retest of the 7824 level soon would fit pretty well.

The 10 day Raff is heading down still so the bearish trend over the past couple of weeks remains bearish.

Above the 7786 initial resistance level then 7820 as mentioned. This first resistance level may well get a reaction if seen this morning as we have R1 here, along with it being yesterday high. Ultimately though a rise to 7820 would fit well and also test the top of the 10d Raff channel. Above 7824 then I am looking for 7885 though I don’t think we will get that high today!

Not too much more to say really, keep an eye on the levels and I expect the S&P500 to push up a bit higher to close the week strongly, And put a bit more distance between 4000 and the live price!

Good luck today and have a great weekend.

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