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Bull Monday on the cards with 7260 7290 resistance in play | 7210 7165 support

#1 · 25th October 2021, 10:42 am

Quote from Nick on 25th October 2021, 10:42 am
FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook
On Friday the FTSE 100 rose 0.5pc despite the 0.2% fall in retail sales in September.
Asian stocks and U.S. futures were steady Monday as traders weighed inflation risks, China’s outlook and looming earnings reports from big technology firms. Turkey’s lira slid to a record low amid a diplomatic spat.
Equities dipped in Japan and were mixed in China, where the central bank boosted a daily liquidity injection and officials expanded a property-tax trial. Signs that it would take at least five years before authorities imposeany nationwide property tax bolstered industrial metals including iron ore.
Sterling ended the week with a fall following disappointing retail sales figures, but remained close to recent highs as inflation fears persisted. The pound was last down 0.2pc at $1.3763, below a one-month high of $1.3834 reached on Tuesday. Against the euro it traded 0.4pc lower at 84.60 pence , still close to levels last seen in February 2020 before the pandemic sparked widespread selling of sterling.
Treasury Secretary Janet Yellen said she expects price increases to remain high through the first half of 2022, but rejected criticism that the U.S. risks losing control of inflation. Inflation is expected to ease in the second half as issues ranging from supply bottlenecks, a tight U.S. labor market and other factors arising from the pandemic improve. The current situation reflects “temporary” pain, she said, also reiterating that it's "essential" to raise the U.S. debt ceiling. Nancy Pelosi opened the door to Democrats using a special budget tool to raise the ceiling without the support of Senate Republicans
FTSE 100 live outlook prediction analysis for 25th October 2021
Not much news over the weekend to shake the bulls strength for the moment and we should continue to see some further upside. The charts are all looking bullish and a rise towards the 7262 R2 level looks like it will play out. We also have the daily resistance just above this at 7275 so we could well see a strutter here and that may well align with the S&P500 hitting its 2h resistance at 4565.
Whilst talking about the S&P if that were to break above the Hull MA at 4265 then the bulls will likely manage to take it a bit higher towards the 4585 level where we have daily resistance. That area does look to be decent resistance though so I would expect the bears to have a go here.
If the FTSE100 were to break above the 7275 level then 7300 is next up and if we were to do that today then we should remain pretty bullish as thats a bit of a breakout then. The Raff channels continue to head up as you can see on the daily chart below, and we still look to be on track for the 7500 year end, one more drop back notwithstanding!
Funnily enough the news flow isn't as pessimistic now, with even stories like the below breaking today:
"Covid cases will plummet in November even without Plan B restrictions, modelling seen by the Government suggests. Ministers are thought to be holding back from introducing restrictions such as compulsory face masks, working from home and vaccine passports, after seeing projections from several groups which show infections declining rapidly within weeks. One model, from the London School of Hygiene and Tropical Medicine, suggests that cases will soon peak before falling steeply in the winter months, even without Plan B." Link
Initial support for the FTSE100 today is at the daily pivot at 7214 and we could see this hold initially as we also have the 200ema just below this at 7210. Break below this area this morning, and S1 at the 7191 level would be next up. We do also have the Hull MA support on the 2h at 7213 though.
If the bulls were to break S1 though then I would be looking for a slide down to the key fib at 7165 and the daily support at 7156. I dont think we will be going overly bearish today though as I am expecting the S&P to continue pushing up towards that 4585 level.
So, could be an interesting one and today's generally still bullish for the moment, but some key daily resistance levels coming into play at 7270 and 4565 and 4485. Good luck today.

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

On Friday the FTSE 100 rose 0.5pc despite the 0.2% fall in retail sales in September.

Asian stocks and U.S. futures were steady Monday as traders weighed inflation risks, China’s outlook and looming earnings reports from big technology firms. Turkey’s lira slid to a record low amid a diplomatic spat.

Equities dipped in Japan and were mixed in China, where the central bank boosted a daily liquidity injection and officials expanded a property-tax trial. Signs that it would take at least five years before authorities imposeany nationwide property tax bolstered industrial metals including iron ore.

Sterling ended the week with a fall following disappointing retail sales figures, but remained close to recent highs as inflation fears persisted. The pound was last down 0.2pc at $1.3763, below a one-month high of $1.3834 reached on Tuesday. Against the euro it traded 0.4pc lower at 84.60 pence , still close to levels last seen in February 2020 before the pandemic sparked widespread selling of sterling.

Treasury Secretary Janet Yellen said she expects price increases to remain high through the first half of 2022, but rejected criticism that the U.S. risks losing control of inflation. Inflation is expected to ease in the second half as issues ranging from supply bottlenecks, a tight U.S. labor market and other factors arising from the pandemic improve. The current situation reflects “temporary” pain, she said, also reiterating that it's "essential" to raise the U.S. debt ceiling. Nancy Pelosi opened the door to Democrats using a special budget tool to raise the ceiling without the support of Senate Republicans

FTSE 100 live outlook prediction analysis for 25th October 2021

Not much news over the weekend to shake the bulls strength for the moment and we should continue to see some further upside. The charts are all looking bullish and a rise towards the 7262 R2 level looks like it will play out. We also have the daily resistance just above this at 7275 so we could well see a strutter here and that may well align with the S&P500 hitting its 2h resistance at 4565.

Whilst talking about the S&P if that were to break above the Hull MA at 4265 then the bulls will likely manage to take it a bit higher towards the 4585 level where we have daily resistance. That area does look to be decent resistance though so I would expect the bears to have a go here.

If the FTSE100 were to break above the 7275 level then 7300 is next up and if we were to do that today then we should remain pretty bullish as thats a bit of a breakout then. The Raff channels continue to head up as you can see on the daily chart below, and we still look to be on track for the 7500 year end, one more drop back notwithstanding!

Funnily enough the news flow isn't as pessimistic now, with even stories like the below breaking today:
"Covid cases will plummet in November even without Plan B restrictions, modelling seen by the Government suggests. Ministers are thought to be holding back from introducing restrictions such as compulsory face masks, working from home and vaccine passports, after seeing projections from several groups which show infections declining rapidly within weeks. One model, from the London School of Hygiene and Tropical Medicine, suggests that cases will soon peak before falling steeply in the winter months, even without Plan B." Link

Initial support for the FTSE100 today is at the daily pivot at 7214 and we could see this hold initially as we also have the 200ema just below this at 7210. Break below this area this morning, and S1 at the 7191 level would be next up. We do also have the Hull MA support on the 2h at 7213 though.

If the bulls were to break S1 though then I would be looking for a slide down to the key fib at 7165 and the daily support at 7156. I dont think we will be going overly bearish today though as I am expecting the S&P to continue pushing up towards that 4585 level.

So, could be an interesting one and today's generally still bullish for the moment, but some key daily resistance levels coming into play at 7270 and 4565 and 4485. Good luck today.