Technical analysis for FTSE 100 for 13th November 2024
Just as an update the S&P500 short is still running and the stop is at 6005 now. Will keep trailing the stop for the time being.
Initially today it looks like we may well see bit more downside and the 8000 round number is looming into view. We may well see a bounce around here at 7995 is decent looking support with the S1 and key fib both here.
The bulls would be looking to get a climb from there towards (and past) the daily pivot at the 8055 level, as that would open up the possibility of a test of the 8100 level, where we have the 30m 200ema, R1 and the key fib. As such this will likely be pretty decent resistance if seen.
Below 7995 then the bears will take their chance and try for a move down toward the 7953 S2 level. That does get things quite bearish though and the loss of 8000 will certainly be felt by the bulls. Coupled with all the negative headlines to spook retail investors. However, the upside of that is that if the MSM do start talking about that it will be the ideal time to buy!
Above the 8100 level then we may see another test of the 25ema on the daily at the 8185 level, though I am not expecting that today.
The main news event today will be the US CPI at 13:30 so expect some volatility then. The S&P500 has inevitably seen some profit taking following the election result rise, and it may well continue a bit more, I would like to see the 5950 level hold on the S&P500 though.
So, watch for the test of 8000 and a possible bounce around here, though it may well be of the dead cat variety rather than a sustained change of sentiment. Bears still in control so short the rallies still, and the 2h chart Hull MA at 8055 lining up with the daily pivot may well cap any early bounce.
Good luck today.
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