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All eyes on US CPI tomorrow | 7910 7921 7950 resistance | 7876 7857 7821 support

#1 · 13th February 2023, 10:28 am

Quote from Nick on 13th February 2023, 10:28 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 13th February 2023
Shares in Asia retreated as investors positioned themselves for an action-packed week, including the release of US consumer price data that may confirm the inflation battle isn’t over, dashing hopes of a Federal Reserve rate pivot.
Was a good day on Friday for the trades, and once again we dropped off the 7910 level. Proving quite pivotal that one, so the bulls will be keen to break above that if we get a bull Monday today. If they mange it the next resistance in play isnt far above at 7921 though. What will make it harder for them is the fact that the 2h chart is bearish after the drop Friday, and has key resistance from both the coral and Hull MA at 7911.
As such we may well see an attempt to break this fail (and overshoot to the 7921?) and then drop back a bit. Of more interest for today though is the 7940 resistance level as we have the key fib here, along with daily resistance. This area may well hold initially, as it did last week with the drop off from this.
Should the bulls break higher though then I would like to see a test of the R3 level at the 7985, and set another all time high! The top of the 20d Raff channel is then also in play with resistance from that at 7995 - so close to the 8000 it would almost be a given that they will print that just to generate the headlines! Or is that too obvious?!
Support wise, the 7850 level held well Friday and the long from here played out well. That rise has continued into today, so should we drop back, the 7857 S1 level may well hold. A break lower though and the 7837 key fib level is the next one to watch, with 7821 S2 below that. It feels a bit more positive for more upside today though and a possible Bull Monday once again!
Despite all these "objects" being shot down all of a sudden the markets seem fairly unfazed at the moment.
The main thing on the cards is tomorrow's U.S. inflation data that could jolt the outlook for interest rates globally, while accelerating or reversing the recent spike in bond yields. Economists forecast that US consumer price index data will show inflation slowing to 6.2%, which would be the lowest reading since September 2021. The data will provide much-needed direction for the Federal Open Market Committee to set interest rates.
The S&P500 looks likely to rise to test the 4105 level today and we may well see a buy the rumour, sell the news play out on that today.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 13th February 2023

Shares in Asia retreated as investors positioned themselves for an action-packed week, including the release of US consumer price data that may confirm the inflation battle isn’t over, dashing hopes of a Federal Reserve rate pivot.

Was a good day on Friday for the trades, and once again we dropped off the 7910 level. Proving quite pivotal that one, so the bulls will be keen to break above that if we get a bull Monday today. If they mange it the next resistance in play isnt far above at 7921 though. What will make it harder for them is the fact that the 2h chart is bearish after the drop Friday, and has key resistance from both the coral and Hull MA at 7911.

As such we may well see an attempt to break this fail (and overshoot to the 7921?) and then drop back a bit. Of more interest for today though is the 7940 resistance level as we have the key fib here, along with daily resistance. This area may well hold initially, as it did last week with the drop off from this.

Should the bulls break higher though then I would like to see a test of the R3 level at the 7985, and set another all time high! The top of the 20d Raff channel is then also in play with resistance from that at 7995 - so close to the 8000 it would almost be a given that they will print that just to generate the headlines! Or is that too obvious?!

Support wise, the 7850 level held well Friday and the long from here played out well. That rise has continued into today, so should we drop back, the 7857 S1 level may well hold. A break lower though and the 7837 key fib level is the next one to watch, with 7821 S2 below that. It feels a bit more positive for more upside today though and a possible Bull Monday once again!

Despite all these "objects" being shot down all of a sudden the markets seem fairly unfazed at the moment.

The main thing on the cards is tomorrow's U.S. inflation data that could jolt the outlook for interest rates globally, while accelerating or reversing the recent spike in bond yields. Economists forecast that US consumer price index data will show inflation slowing to 6.2%, which would be the lowest reading since September 2021. The data will provide much-needed direction for the Federal Open Market Committee to set interest rates.

The S&P500 looks likely to rise to test the 4105 level today and we may well see a buy the rumour, sell the news play out on that today.

Good luck today.

Recommended Broker

IC Markets - offers market leading pricing and trading conditions by providing clients with True ECN Connectivity; this allows you to trade on institutional grade liquidity from the world’s leading investment banks, hedge funds and dark pool liquidity execution venues. Highly recommended!

Membership and Live Trading

If you would like more detailed analysis for FTSE100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my active members community.

What you get

Daily Analysis pre market open (sent around 7am each day) for FTSE100, DAX40, Gold and S&P500.
Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
Telegram live trading room and webinar group membership for discussion and realtime trade updates

Keep up to date with new content, free sign up below with just your email address

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Email Address (required)

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