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Blood bath Thursday | Bulls cower in the corner | 6020 5975 support | 6095 6160 resistance

#1 · 12th June 2020, 9:21 am

Quote from Nick on 12th June 2020, 9:21 am
FTSE 100 live outlook prediction analysis for 12th June 2020
The FTSE 100 suffered its worst session since late March on Thursday, dropping 3.99pc as fears over the state of the global economy took hold of markets.
Overbought stocks in travel and leisure, automotive sand financial sector – which have driven recent gains – took the heaviest hit as indices across the world turned blood red.
The drop came after the Federal Reserve struck a gloomy tone on the road ahead for the US economy yesterday, and a swathe of companies announced job cuts.
Fears of a resurgence in cases as lockdowns are eased added to the cocktail of worries for investors.
A weakening pound offered some limited support to London’s international earners, leaving the FTSE 100 ahead of continental peers who slumped even further.
Germany’s DAX dropped 4.5pc, while France’s Cac 40 slipped 4.7pc.
The pan-European benchmark Stoxx 600 closed the day down 4.1pc.
The FTSE 100 suffered its worst session since late March on Thursday as fears over the state of the global economy took hold of markets. Overbought stocks in travel and leisure, automotive and the financial sectors – which have driven recent gains – took the heaviest hit as indices across the world turned red.
The drop came after the US Federal Reserve struck a gloomy tone on the road ahead for America’s economy on Wednesday evening, and a swathe of companies announced job cuts. Fears of a resurgence in coronavirus cases as lockdowns are eased added to the cocktail of worries for investors.
“The Fed’s take on the economy, rising infections and fears of a second wave have triggered the negativity,” said Shard Capital’s Bill Blain.
“Markets are being overly sensitive and volatile on successive waves of good and bad news.”
All but five of London’s blue-chips sank, with gold miners Polymetal and Fresnillo once again riding out the storm as a move to safe havens lifted the price of gold.
Despite the drop, many of the fundamentals that have driven the gravity-defying rise in stock prices remain intact: most timely economic gauges indicate that the impact of Covid-19 is bottoming out, and many countries are easing restrictions.
A weakening pound offered some limited support to London’s international earners, leaving the FTSE 100, down 3.99pc at 6,076.7, none the less ahead of Continental peers, which slumped even further.Germany’s Dax dropped 4.5pc, while France’s Cac 40 slipped 4.7pc. The pan-European benchmark Stoxx 600 closed the day down 4.1pc.
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Asian stocks came off their lows Friday after a wave of selling in the wake of a Wall Street rout triggered by concerns about the speed of the epic rally. Japanese shares were down about 1% after a 3% slide earlier, and declines eased in Australia and South Korea as well. Shanghai was only slightly in the red, while Hong Kong had a bigger drop. U.S. futures climbed over 1% after the S&P 500 sank almost 6% Thursday, the most in 12 weeks, with only one company in the index finishing higher. Treasury yields headed for the first gain this week, while the dollar held an overnight advance. Crude built on this week’s slide.
That was quite the drop yesterday and the bears took the FTSE below 6000 to a low of 5965, however the US bulls defended the 3000 on the S&P and we have seen a bit of a fight back overnight. Question is, was that actual fear or just a drop to alleviate the overbought RSIs that were prevalent earlier this week. If so then thats done the job, and we can resume the bullish rally. Keep pumping Fed!
For today we have the 100 Hull MA on the 2 hour chart as resistance and hasn't been tested since we dropped off 6500, and that is at 6193 as I write this but dropping steadily. That may well coincide with the daily resistance level of 6157 later on, if we get a bit of a rise on this morning. As such we may well see a rise and dip play out prior to the US open, before a possible push higher later on when they come online.
The bottom of the Raff channels were surpassed yesterday and have now reset to the overnight low area, though the daily coral lien is down at 5720 currently so a possible further slide down towards that at some point may well happen. For the moment, the bulls are on the defensive, and will try and defend the 3000 level on the S&P.
If we do get an initial rise first thing then the daily pivot at 6095 and just above yesterdays close looks like a decent target for this bounce, with a possible drop back from there towards the support area at the 6020 level. If the bulls do step up today, shaking off yesterdays worries that drove things down, then we may well get a push up towards that 2 hour resistance level. But as always, as it's Friday it's more than likely to be a bit odd! Can be a good idea to lessen the risk today with lower stakes.
If the bears break 6020 then last nights low at 5965 is the next level of note, with 5911 below that, and just above S1 at 5899. A possible slide towards 5850 today if the bears get their boost on though. ButI am more inclined to expect. bit of consolidation and drift up a bit ahead of the weekend. Have a great weekend.
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If you would like more detailed analysis for FTSE 100, 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 FTSE, DAX, Gold and S&P.
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FTSE 100 live outlook prediction analysis for 12th June 2020

The FTSE 100 suffered its worst session since late March on Thursday, dropping 3.99pc as fears over the state of the global economy took hold of markets.
Overbought stocks in travel and leisure, automotive sand financial sector – which have driven recent gains – took the heaviest hit as indices across the world turned blood red.
The drop came after the Federal Reserve struck a gloomy tone on the road ahead for the US economy yesterday, and a swathe of companies announced job cuts.
Fears of a resurgence in cases as lockdowns are eased added to the cocktail of worries for investors.
A weakening pound offered some limited support to London’s international earners, leaving the FTSE 100 ahead of continental peers who slumped even further.
Germany’s DAX dropped 4.5pc, while France’s Cac 40 slipped 4.7pc.
The pan-European benchmark Stoxx 600 closed the day down 4.1pc.

The FTSE 100 suffered its worst session since late March on Thursday as fears over the state of the global economy took hold of markets. Overbought stocks in travel and leisure, automotive and the financial sectors – which have driven recent gains – took the heaviest hit as indices across the world turned red.

The drop came after the US Federal Reserve struck a gloomy tone on the road ahead for America’s economy on Wednesday evening, and a swathe of companies announced job cuts. Fears of a resurgence in coronavirus cases as lockdowns are eased added to the cocktail of worries for investors.

“The Fed’s take on the economy, rising infections and fears of a second wave have triggered the negativity,” said Shard Capital’s Bill Blain.
“Markets are being overly sensitive and volatile on successive waves of good and bad news.”

All but five of London’s blue-chips sank, with gold miners Polymetal and Fresnillo once again riding out the storm as a move to safe havens lifted the price of gold.

Despite the drop, many of the fundamentals that have driven the gravity-defying rise in stock prices remain intact: most timely economic gauges indicate that the impact of Covid-19 is bottoming out, and many countries are easing restrictions.

A weakening pound offered some limited support to London’s international earners, leaving the FTSE 100, down 3.99pc at 6,076.7, none the less ahead of Continental peers, which slumped even further.Germany’s Dax dropped 4.5pc, while France’s Cac 40 slipped 4.7pc. The pan-European benchmark Stoxx 600 closed the day down 4.1pc.

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

Asian stocks came off their lows Friday after a wave of selling in the wake of a Wall Street rout triggered by concerns about the speed of the epic rally. Japanese shares were down about 1% after a 3% slide earlier, and declines eased in Australia and South Korea as well. Shanghai was only slightly in the red, while Hong Kong had a bigger drop. U.S. futures climbed over 1% after the S&P 500 sank almost 6% Thursday, the most in 12 weeks, with only one company in the index finishing higher. Treasury yields headed for the first gain this week, while the dollar held an overnight advance. Crude built on this week’s slide.

That was quite the drop yesterday and the bears took the FTSE below 6000 to a low of 5965, however the US bulls defended the 3000 on the S&P and we have seen a bit of a fight back overnight. Question is, was that actual fear or just a drop to alleviate the overbought RSIs that were prevalent earlier this week. If so then thats done the job, and we can resume the bullish rally. Keep pumping Fed!

For today we have the 100 Hull MA on the 2 hour chart as resistance and hasn't been tested since we dropped off 6500, and that is at 6193 as I write this but dropping steadily. That may well coincide with the daily resistance level of 6157 later on, if we get a bit of a rise on this morning. As such we may well see a rise and dip play out prior to the US open, before a possible push higher later on when they come online.

The bottom of the Raff channels were surpassed yesterday and have now reset to the overnight low area, though the daily coral lien is down at 5720 currently so a possible further slide down towards that at some point may well happen. For the moment, the bulls are on the defensive, and will try and defend the 3000 level on the S&P.

If we do get an initial rise first thing then the daily pivot at 6095 and just above yesterdays close looks like a decent target for this bounce, with a possible drop back from there towards the support area at the 6020 level. If the bulls do step up today, shaking off yesterdays worries that drove things down, then we may well get a push up towards that 2 hour resistance level. But as always, as it's Friday it's more than likely to be a bit odd! Can be a good idea to lessen the risk today with lower stakes.

If the bears break 6020 then last nights low at 5965 is the next level of note, with 5911 below that, and just above S1 at 5899. A possible slide towards 5850 today if the bears get their boost on though. ButI am more inclined to expect. bit of consolidation and drift up a bit ahead of the weekend. 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 FTSE 100, 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 FTSE, DAX, Gold and S&P.
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

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