FOMC Minutes | Thanksgiving holiday Thursday | 7500 7530 resistance | 7447 7400 support

FOMC Minutes | Thanksgiving holiday Thursday | 7500 7530 resistance | 7447 7400 support

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

FTSE100 live outlook prediction analysis for 22nd November 2022

Equities advanced in Asia following a rally on Wall Street, with gains in Hong Kong-listed technology stocks amid speculation that China’s regulatory crackdown on the sector may be closer to ending.

Ended up being pretty positive yesterday. The S&P500 had the small drop off the 3970 resistance level then powered back up in its quest to regain 4000 which it managed, before stalling at the 4005 resistance level. That tied in with the FTSE managing to reach the upper resistance level we had at 7470, which also stalled there. Overnight we have hovered around this area so we may well see a small dip to start with today before a push up ahead of profit taking later on ahead of the Thanksgiving Holiday in the US tomorrow.

So initial resistance is 7470 still, which we are on as I write this, and then 7500 above this. This area looks quite pivotal for today as we have R1 and also the key fib here, as well as being the round number.

At 7pm this evening we have the Fed minutes as well, so clues for a slow down in rate rises will be what traders are looking for. That may also trigger some selling later as well.

Above the 7500 level then 7530 is R2 and the top of the 10d Raff channel. We could see this later, but the S&P500 has strong resistance at the 4025 level and I would like to see a dip down to test the 2h coral (now green) at the 3965 level at some point today – that may come this evening after testing 4025.

Support wise for the FTSE100 the 7447 level is first up with the daily pivot here and will also align with another test of the 2h Hull MA. Below this then the S1 level of 7416 is next up, though 7400 looks stronger with the 30m 200ema and the key fib here. We could drop that low today, though I am thinking that an initial test of the 7447 pivot/Hull level will hold.

The S&P500 2h chart looks more positive now following the rise yesterday and as long as the bulls defend any dip down to the 3965 area then we should see some more upside towards the 4026 level.

Likewise with the Dax40 – if the bulls can defend the daily pivot first thing then a rise towards the 14550 area where we have R1 and the key fib may well play out this morning, with a possible turn around that level later. Lower down the bears would be aiming for the 30m 200ema at 14380 and we also have S1 here, then the key fib support at 14350. That level is possible if they break the 14438 daily pivot.

Good luck today, lets see if we get the dip, rise, dip play out.

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