Bear Tuesday beckons | Bulls will want to keep it above 7800 | 7790 7743 support | 7844 resistance

Bear Tuesday beckons | Bulls will want to keep it above 7800 | 7790 7743 support | 7844 resistance

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

FTSE100 live outlook prediction analysis for 24th January 2023

Asian shares and European equity futures climbed Tuesday in the wake of tech-stock fueled gains on Wall Street and bets for less-aggressive interest rate hikes from the Federal Reserve.  The dollar ticker lower and Treasuries held recent declines, reflecting wanning demand for haven assets. Australian and New Zealand bonds fell, as did Japan’s benchmark 10-year debt.

Markets in China, Hong Kong, Singapore, Malaysia, South Korea and Taiwan are all closed Tuesday so no detailed report on them.

We had a decent showing of strength yesterday for the bull Monday and will that deliver a bear Tuesday today? Initially it looks like a drop down to the daily pivot at the 7791 level, and a possible overshoot of that, may be on the cards, but then I am thinking that we may well see a rise and dip play out. The bulls will be keen to hang onto the 7800 level if they can, and a push towards the 7850 level would make sense.

The 2h chart remains bullish, and the Raff are still heading up, while the S&P has pulled away from the 4000 level (just about!). That said, the FTSE100 bulls aren’t exactly pulling away from the 7800 level much so far.

Below the 7791 level then the 2h coral is on the cusp of going green and 7785 support from that, with S1 not far below at 7771.

Lower down than the S2 and key fib level at 7744 would be the next area of interest to try a long. We also have the bottom of the 20d Raff here.

On the upside, above the 7810 level that the bulls failed to break yesterday, we have the 7844 level with the key fib here, and then 7862 for R3 at the upper end.

If the S&P pushes on the top of the 10d Raff channel today at the 4065 level then that should help pull the FTSE100 up to the 7850 area.

Earnings season resumes with Microsoft today, hot on the heels of the ChatAI announcement yesterday (softening the blow?).

Good luck today.

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