Bull Monday if the SP holds Fridays gains | 7790 7828 resistance | 7770 7723 support

Bull Monday if the SP holds Fridays gains | 7790 7828 resistance | 7770 7723 support

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

FTSE100 live outlook prediction analysis for 23rd January 2023

It’s been a quiet start to the week in Asia with much of the region on holiday. U.S. stocks futures are near flat, but EUROSTOXX futures added 0.5% to extend their recent bullish run.

Presumably much of that is due to the 60% drop in European gas prices since December and relief that the worst fears of an energy crunch have not come about, even if it has turned a bit colder in recent days.

That was a good rise on the S&P on Friday and I am expecting that to roll into today as well to have a bit of a bull Monday. We do have the tech companies earnings out this week too, starting with Microsoft tomorrow, and it will be interesting to see the reaction to them and also if all the recent job cut announcements will steady the Tech ship.

Initially today the FTSE100 has support at the 7770 level where we have the green 30m coral, and also the 2h Hull MA support. Below that then S1 is close at 7760. As we are pretty much on this to start with we could see an early bounce to test the 7791 200ema. Ultimately I would like to see the bulls have a go for the 7800 again properly, and if they can move through that then a rise to the 7825 area would fir pretty well.

The Raff channels continue to head up, though we are hovering near the bottom of them, with the 10d at 7746 and the 20d at 7730 – aligning with S2 here as well. Should it drop down to 7730 then a bounce here is possible.

We also have the key fib for support at 7723.

For the S&P 500 the bulls will be keen to defend the daily pivot at the 3940 area and we also have the 200ema here on the 30m. They wont want to give up much of Fridays rise though a bit of a retrace then another leg up would make sense. Lower support on the 2h chart is at the 3917 level. Not sure it will drop that low today but if it did then a long here is worth a go.

A dip and rise would also fit on the Dax today with support at the 15040 area with the daily pivot, 2h Hull, and the 30m coral all around this area.

Basically the bulls need to be quick out the blocks this morning and buy the dip!

Not too much more to say really, let’s see if they can continue Fridays bounce for a bull Monday and then sell off tomorrow.

Good luck!

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