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Another day another bank on the ropes | 7840 7800 support | 7928 7962 resistance

#1 · 26th April 2023, 9:02 am

Quote from Nick on 26th April 2023, 9:02 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 26th April 2023
U.S. stock futures bounced as buybacks and earnings beats boosted tech giants in after-hours trade, although Asian shares wallowed at one-month lows on Wednesday, with investors turning nervous on the outlook for the world’s two biggest economies.
Nasdaq futures were up 1.4% and S&P 500 futures up 0.5% following better-than-expected profits at Microsoft and a $70 billion stock buyback at Google parent Alphabet. Both stocks rose after the bell.
More bank worries certainly helped the Dax40 and FTSE100 shorts yesterday as the latter slid down to test the 7855 support level which has subsequently held well.
The bulls will be keen to try and push it back up though and shake off the worries about First Republic Bank. It looks like they will probably manage it this morning, as long as the 7855 support area holds. That should then act as a catalyst for a push up towards the 7928 level where we have the key fib and the R1 level for today.
The bulls will still be keen to try and push past that area which has been recent resistance as that would open up a test of the 7962 R3 and daily resistance level.
Might be a big ask for today to push quite that high, as the bears will of course also be fighting - and trying to break the 7855. If they manage that then its possible that we get that slide down to test the 25ema on the daily at the 7797 level now - so basically around the 7800 round number, and being only 55 points away, certainly within sight. A bounce here would fit the daily chart well.
7822 is S2 between the two levels there, while S3 is just below at 7791. As such should we see a slide down to the 7800 area then a long here is worth a go, with a stop below S3.
The S&P500 meanwhile will be keen to defend that low from yesterday at 4070, and we have the bottom of the 10d Raff there as well. Interestingly that has dropped back now to test the daily 25ema now at 4090 (overshot due to the bank worries) but if it starts to climb again from here then that would certainly fit the daily chart well. 4110 is now 2h resistance though with the Hull MA here, so I would expect any early rise to falter here.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 26th April 2023

U.S. stock futures bounced as buybacks and earnings beats boosted tech giants in after-hours trade, although Asian shares wallowed at one-month lows on Wednesday, with investors turning nervous on the outlook for the world’s two biggest economies.

Nasdaq futures were up 1.4% and S&P 500 futures up 0.5% following better-than-expected profits at Microsoft and a $70 billion stock buyback at Google parent Alphabet. Both stocks rose after the bell.

More bank worries certainly helped the Dax40 and FTSE100 shorts yesterday as the latter slid down to test the 7855 support level which has subsequently held well.

The bulls will be keen to try and push it back up though and shake off the worries about First Republic Bank. It looks like they will probably manage it this morning, as long as the 7855 support area holds. That should then act as a catalyst for a push up towards the 7928 level where we have the key fib and the R1 level for today.

The bulls will still be keen to try and push past that area which has been recent resistance as that would open up a test of the 7962 R3 and daily resistance level.

Might be a big ask for today to push quite that high, as the bears will of course also be fighting - and trying to break the 7855. If they manage that then its possible that we get that slide down to test the 25ema on the daily at the 7797 level now - so basically around the 7800 round number, and being only 55 points away, certainly within sight. A bounce here would fit the daily chart well.

7822 is S2 between the two levels there, while S3 is just below at 7791. As such should we see a slide down to the 7800 area then a long here is worth a go, with a stop below S3.

The S&P500 meanwhile will be keen to defend that low from yesterday at 4070, and we have the bottom of the 10d Raff there as well. Interestingly that has dropped back now to test the daily 25ema now at 4090 (overshot due to the bank worries) but if it starts to climb again from here then that would certainly fit the daily chart well. 4110 is now 2h resistance though with the Hull MA here, so I would expect any early rise to falter here.

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