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Bear Tuesday beckons | Asia drops | 7777 7818 resistance | 7731 7711 7704 7681 support

#1 · 31st January 2023, 10:09 am

Quote from Nick on 31st January 2023, 10:09 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 31st January 2023
Asian shares edged down and bonds nursed small losses on Tuesday as investors braced for an eventful week that will include central bank meetings, a slew of earnings reports and key U.S. economic data. Investors broadly expect the U.S. Federal Reserve to raise interest rates by 25 basis points (bps) on Wednesday. Interest rate announcements are due on Thursday from both the Bank of England and the European Central Bank - and both are expected to hike rates by 50 bps.
Decent day for the bulls yesterday with the 7715 support area holding well for a push up to the 7790 resistance area once again. Having dropped off that overnight we are now just on 2h support to start with at 7755 so a modest bounce up from here to test the 7813 resistance area would fit quite well, before a bit of bear Tuesday kicks in and we drop off again.
The S&P500 has been bearish since the rise to 4065 yesterday (just missed the 4068 unfortunately) and could well stick its nose below 4000 to the cluster of supports at the 3990 area. If it did so I would like to see this area hold for a push up to the 4020 or higher level again as the bulls will certainly be keen to keep the price above the 4000 level and also to close out January strongly, especially as it remains (currently!) on track for its biggest January gain since 2019.
Above the 7818 key fib resistance (and R1 at 7813) then the bulls would be looking toward the 7894 R3 level ultimately though that feels a big ask on the last day of the month, and also falling on a bear Tuesday. The top of the 10d Raff channel is also here.
There can also be profit taking at month end to lock in the gains so I expect any rally today to be sold. Prior to that resistance level then keep an eye on 7836 as we have daily resistance here, and just below R2 at 7844.
Support wise, below the 7755 level then 7714 is the key fib and 7712 is daily support. As such, if we dropped to here then I would like to see a bounce. A break of the 7700 level though and 7678 is next up. As with the S&P the bulls will be keen to end the month strongly despite the chance of rallies being sold. A long at the 7715 area once again (as per yesterday) would fit well.
New month money tomorrow will also be looking to get in at lower prices so a drop down for that would make sense. All the 2h charts are currently bearish, with the bears trying to gain control, though the Raff channels are still heading up on all the markets I watch apart from the 10d on the FTSE which is heading down, and has support at 7680 - aligning with S2. If we did get that then a long here's also worth a go.
So looking for a small rise then a drop down to retest yesterdays lows as the main play today.
Good luck!
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 31st January 2023

Asian shares edged down and bonds nursed small losses on Tuesday as investors braced for an eventful week that will include central bank meetings, a slew of earnings reports and key U.S. economic data. Investors broadly expect the U.S. Federal Reserve to raise interest rates by 25 basis points (bps) on Wednesday. Interest rate announcements are due on Thursday from both the Bank of England and the European Central Bank - and both are expected to hike rates by 50 bps.

Decent day for the bulls yesterday with the 7715 support area holding well for a push up to the 7790 resistance area once again. Having dropped off that overnight we are now just on 2h support to start with at 7755 so a modest bounce up from here to test the 7813 resistance area would fit quite well, before a bit of bear Tuesday kicks in and we drop off again.

The S&P500 has been bearish since the rise to 4065 yesterday (just missed the 4068 unfortunately) and could well stick its nose below 4000 to the cluster of supports at the 3990 area. If it did so I would like to see this area hold for a push up to the 4020 or higher level again as the bulls will certainly be keen to keep the price above the 4000 level and also to close out January strongly, especially as it remains (currently!) on track for its biggest January gain since 2019.

Above the 7818 key fib resistance (and R1 at 7813) then the bulls would be looking toward the 7894 R3 level ultimately though that feels a big ask on the last day of the month, and also falling on a bear Tuesday. The top of the 10d Raff channel is also here.

There can also be profit taking at month end to lock in the gains so I expect any rally today to be sold. Prior to that resistance level then keep an eye on 7836 as we have daily resistance here, and just below R2 at 7844.

Support wise, below the 7755 level then 7714 is the key fib and 7712 is daily support. As such, if we dropped to here then I would like to see a bounce. A break of the 7700 level though and 7678 is next up. As with the S&P the bulls will be keen to end the month strongly despite the chance of rallies being sold. A long at the 7715 area once again (as per yesterday) would fit well.

New month money tomorrow will also be looking to get in at lower prices so a drop down for that would make sense. All the 2h charts are currently bearish, with the bears trying to gain control, though the Raff channels are still heading up on all the markets I watch apart from the 10d on the FTSE which is heading down, and has support at 7680 - aligning with S2. If we did get that then a long here's also worth a go.

So looking for a small rise then a drop down to retest yesterdays lows as the main play today.

Good luck!

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