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Bull Monday but lots of news this week | 7912 7938 7968 resistance | 7870 7850 support

#1 · 24th April 2023, 9:50 am

Quote from Nick on 24th April 2023, 9:50 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 24th April 2023
Asian shares were mostly lower on Monday in a week packed with economic data and central bank meetings, along with earnings from the tech giants that have kept the S&P 500 afloat so far this year. Market action was sluggish in the wake of Friday's surprisingly strong surveys of business activity which reinforced the case for higher interest rates.
A nice bounce on the S&P500 on Friday from the 4114 level yielded a decent haul, but the bulls have been rebuffed after failing to break the Hull MA on the 2h at 4137. It's dropped back and looks like it will test the 4102 support level today. That may well tie in with the FTSE100 dropping to the 7850 support zone, an area that should see a bounce today.
We have S2, key fib and a couple of daily supports here so I would expect to see this hold, at least initially. The bulls are slightly on the back foot to start with today but we are back at that key 7870 area and also have the bottom of the 10d Raff here for support. I am still waiting for that test of the daily 25ema which is at 7783 now. We could see that this week (tomorrow for a bear Tuesday?) and then a bounce here.
That would be the next major support after the 7850, however we have S3 at 7829 for today so a break of 7850 would likely see that in fairly short order.
Initial resistance is at 7911 where we have the now red 30m coral and also the daily pivot. The bulls attempted to break the 7920 on Friday but failed to push higher than 7939 after that option expiry spike to that level. As such that 7911 may well see the bears have another go this morning.
Above that though and then Friday's high 7939 is also R1 for today so would be worth a short as it would be a decent double top as well. 7965 is then above that for R2, daily resistance and also just above the key fib at 7963. It's possible that the bulls would be able to get that high today with a decent tailwind, so do bear it in mind.
It does look like a dip and rise sort of day and ends up being a bull Monday. I am expecting that the S&P500 will close the gap left from Friday at the 4132 level today. We also have a lot of news on the agenda this week, with five big companies reporting this week, the main ones that have driven two thirds of the S&P500s gains. We also have Q1 US GDP out this week.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 24th April 2023

Asian shares were mostly lower on Monday in a week packed with economic data and central bank meetings, along with earnings from the tech giants that have kept the S&P 500 afloat so far this year. Market action was sluggish in the wake of Friday's surprisingly strong surveys of business activity which reinforced the case for higher interest rates.

A nice bounce on the S&P500 on Friday from the 4114 level yielded a decent haul, but the bulls have been rebuffed after failing to break the Hull MA on the 2h at 4137. It's dropped back and looks like it will test the 4102 support level today. That may well tie in with the FTSE100 dropping to the 7850 support zone, an area that should see a bounce today.

We have S2, key fib and a couple of daily supports here so I would expect to see this hold, at least initially. The bulls are slightly on the back foot to start with today but we are back at that key 7870 area and also have the bottom of the 10d Raff here for support. I am still waiting for that test of the daily 25ema which is at 7783 now. We could see that this week (tomorrow for a bear Tuesday?) and then a bounce here.

That would be the next major support after the 7850, however we have S3 at 7829 for today so a break of 7850 would likely see that in fairly short order.

Initial resistance is at 7911 where we have the now red 30m coral and also the daily pivot. The bulls attempted to break the 7920 on Friday but failed to push higher than 7939 after that option expiry spike to that level. As such that 7911 may well see the bears have another go this morning.

Above that though and then Friday's high 7939 is also R1 for today so would be worth a short as it would be a decent double top as well. 7965 is then above that for R2, daily resistance and also just above the key fib at 7963. It's possible that the bulls would be able to get that high today with a decent tailwind, so do bear it in mind.

It does look like a dip and rise sort of day and ends up being a bull Monday. I am expecting that the S&P500 will close the gap left from Friday at the 4132 level today. We also have a lot of news on the agenda this week, with five big companies reporting this week, the main ones that have driven two thirds of the S&P500s gains. We also have Q1 US GDP out this week.

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