FTSE 100 live outlook prediction analysis for 9th October 2020
- Another 840,000 Americans made jobless claims last week
- European and US stocks rose as Trump drops opposition to some stimulus talks
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
U.S. equity futures climbed after the White House appeared to shift tack and signaled the Trump administration is again leaning toward a large-scale stimulus bill. The dollar fell.
S&P 500 contracts were about 0.5% higher following news that Treasury Secretary Steven Mnuchin told Nancy Pelosi that President Donald Trump wants agreement on a comprehensive aid package. Shares in Japan dipped, while those in Australia rose. Chinese equities advanced as markets reopened after a week-long holiday. The offshore yuan climbed following a stronger-than-anticipated daily currency fixing.
The U.S. benchmark earlier closed up despite conflicting comments from Trump and Pelosi that whipsawed markets. Gains for crude oil eased as Hurricane Delta approached the already battered Louisiana coast. Treasuries ticked higher and gold climbed.
The FTSE continues to look bullish, but the S&P has nearly hit the 3470 resistance overnight. As such we may see a pull back a bit first thing this morning across the board, though the spectre of US stimulus has helped the bulls….. Despite Trumps tweet the other day – all part of the game – the market manipulation!
For the FTSE I can see a rise towards the 6050 level today, where we have R1 and then the top of the 20 day Raff channel at 6073. Usual Friday caveat applies though and stay cautious with your trades today and don’t ruin a decent week!
The bulls will be keen to keep the price above the 6000 and if they can close the week above then we should be on for further bullishness next week and a rise towards the 6150 level and the top of the 10 day Raff channel. And maybe higher. The FTSE is looking more positive at the moment.
Support wise today we have the pivot initially at 5989, but then a cluster of supports at 5950 below that. If we did dip to there I would like to see that level hold – and with the key fib, 200ema and S1 here it should do. Below that then back down towards 5930 and 5890 though.
Good luck today and have a great weekend.
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