Quote from Nick on 19th July 2021, 10:36 am

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

FTSE 100 live outlook prediction analysis for 19th July 2021

Happy Freedom Day. New day pretty much the same as the old day! Obviously it's bearish to start with this morning, but the 6930 level is initial support with S2 here to start things off. Overnight we have held just above at 6940 so thats the line in the sand to start with today. Below this then I have a long term support line from a while back at 6906 on my chart which may well come into play today, with the bottom of the 20 day Raff at 6911. 6893 is also the bottom of the 10 day Raff channel so this 6900 area could well hold (initially at least) for a bit of a bounce if it gets there.

Below 6890 then 6850 and 6800 are the next obvious levels, but with the daily chart now going bearish we may well be on for a trip down to the 6500 level. It will be key for the bulls to defend the 6890 level in the short term.

For the bulls (will we get an attempt at least for a bullish Monday? Seems a tall order though!) they will be looking for a push past the 7000 level. We have the 30m coral (red) at 6992 though this would be the third test since the colour change as we dropped off this on Friday. The daily pivot is at 7016 as well above this and then the red 30m coral above that at 7060 - should we get there then a short off this is worth taking. 7045 is also the 200ema and another resistance level to watch fro, if the bulls break 7000.

I am thinking that for today we will get an initial kick up first thing and then a dip down to that 6890 to 6900 area to set up a decent bounce there.

Good luck today.

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Asian Session

Asian stocks and U.S. futures fell Monday on concerns about the impact of Covid-19 outbreaks and elevated inflation on economic prospects. Treasuries edged up and oil slipped after an OPEC+ supply deal.

MSCI Inc.’s gauge of Asia-Pacific shares hit a one-week low, with Japan and Hong Kong underperforming and technology stocks struggling. European, S&P 500 and Nasdaq 100 futures dropped after the S&P 500 fell for the first week in four. The rally in Treasuries continued, sending 10-year yields further below 1.3%.

Oil declined after OPEC+ agreed to boost production into 2022, resolving an internal dispute that had shaken the alliance. The yen advanced and the dollar was steady amid cautious sentiment.

A global rally in equities has paused as investors consider whether price pressures will sap the economic rebound from the pandemic, in part by leading central banks to pare monetary policy support. Investors are also trying to make sense of the decline in Treasury yields. For some, the trend is a signal of cracks in the global recovery as the delta Covid-19 variant forces some nations to impose virus curbs, while for others the bond rally may have gone too far. [Bloomberg]

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