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Banks earnings | Feds Hawkish rate cycle ending | 7850 7810 support | 7862 7913 resistance

#1 · 14th April 2023, 9:03 am

Quote from Nick on 14th April 2023, 9:03 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 14th April 2023
Asian equity markets advanced on speculation the Federal Reserve and other central banks are nearing the end of their hiking cycles. The dollar slipped further. An Asia Pacific stock gauge was on course for its highest close since February as major indexes gained from Japan to Australia, tracking rallies in US stocks.
Wall Street stocks have advanced as new inflation data showed a steeper-than-expected reduction in producer prices and new claims for unemployment benefits, signalling a near-end to the Federal Reserve's hawkish interest rate hike cycle.
The FTSE 100 closed 0.24pc higher at 7,843.38, while the FTSE 250 mid-cap index moved up 0.35pc to 19,070.13.
The bulls are currently still in the driving seat with the 7915 and possibly even the 7930 resistance levels coming into play, possibly even today. The market certainly shook off the 0% Feb GDP figure with both the FTSE100 and FTSE250 (more domestic) rising.
That said, initially I think we may well see a drop back from this 7862 level down to test the key support area as 7810 before more upside later. We have some bank earnings coming up from Citigroup Inc, Wells Fargo and JPMorgan Chase & Co which could test the bullish mood given recent stress in the sector.
Above the 7862 intake resistance level the 7913 is R2 and would coincide with a slight overshoot of the round number at 7900. The Raff channels continue to head up across the board as the recovery from the recent lows (7200 FTSE100) continues.
If we do get an initial drop down then the 7850 is 2h support to stat with but as thats so close to the 7862 resistance I wouldn't be surprised to see us break through that and drop to that 7810 area. We have S1 at 7814, the 30m 200ema at 7803 and the key fib at 7793 for today offering a cluster of support in this area. As such any drop down to here I would like to see hold, and would expect too.
Later on though we may well see some profit taking ahead of the weekend. Speaking of which, as its Friday do be slightly more cautious as they are often a bit strange!
With the strength yesterday the 2h chart has gone bullish once again, so it will be interesting to see if the bulls can continue for another day. Buying the dips is back on the agenda for the moment.
On the news front today we have US retail sales at 13:30, forecasted to be -0.4%, same as previously, then at 15:00 Michigan consumer sentiment, forecasted at 62, same as previous.
Good luck today and have a great weekend!
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 14th April 2023

Asian equity markets advanced on speculation the Federal Reserve and other central banks are nearing the end of their hiking cycles. The dollar slipped further. An Asia Pacific stock gauge was on course for its highest close since February as major indexes gained from Japan to Australia, tracking rallies in US stocks.

Wall Street stocks have advanced as new inflation data showed a steeper-than-expected reduction in producer prices and new claims for unemployment benefits, signalling a near-end to the Federal Reserve's hawkish interest rate hike cycle.

The FTSE 100 closed 0.24pc higher at 7,843.38, while the FTSE 250 mid-cap index moved up 0.35pc to 19,070.13.

The bulls are currently still in the driving seat with the 7915 and possibly even the 7930 resistance levels coming into play, possibly even today. The market certainly shook off the 0% Feb GDP figure with both the FTSE100 and FTSE250 (more domestic) rising.

That said, initially I think we may well see a drop back from this 7862 level down to test the key support area as 7810 before more upside later. We have some bank earnings coming up from Citigroup Inc, Wells Fargo and JPMorgan Chase & Co which could test the bullish mood given recent stress in the sector.

Above the 7862 intake resistance level the 7913 is R2 and would coincide with a slight overshoot of the round number at 7900. The Raff channels continue to head up across the board as the recovery from the recent lows (7200 FTSE100) continues.

If we do get an initial drop down then the 7850 is 2h support to stat with but as thats so close to the 7862 resistance I wouldn't be surprised to see us break through that and drop to that 7810 area. We have S1 at 7814, the 30m 200ema at 7803 and the key fib at 7793 for today offering a cluster of support in this area. As such any drop down to here I would like to see hold, and would expect too.

Later on though we may well see some profit taking ahead of the weekend. Speaking of which, as its Friday do be slightly more cautious as they are often a bit strange!

With the strength yesterday the 2h chart has gone bullish once again, so it will be interesting to see if the bulls can continue for another day. Buying the dips is back on the agenda for the moment.

On the news front today we have US retail sales at 13:30, forecasted to be -0.4%, same as previously, then at 15:00 Michigan consumer sentiment, forecasted at 62, same as previous.

Good luck today and have a great weekend!

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