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Bulls are holding on with 7050 7030 support | 7128 7150 7200 resistance | S&P500 to get 4430

#1 · 3rd August 2021, 11:04 am

Quote from Nick on 3rd August 2021, 11:04 am
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
FTSE 100 live outlook prediction analysis for 3rd August 2021
Wall Street gave up its earlier gains yesterday as worries about the Delta variant and a slowing US economy overshadowed optimism around more fiscal stimulus and a strong second-quarter earnings season. Fresh data showed that although US manufacturing grew in July, its pace slowed for a second straight month as spending rotated back to services from goods, and shortages of raw materials persisted.
By early afternoon in New York, the S&P 500 was up a slighter 0.1pc, having closed in on record highs earlier in the morning. The Dow Jones was up by the same percentage and Nasdaq was in the green by 0.4pc.
The bulls managed to push just above the 7100 level yesterday but the bears fought back and today it looks like we might have a repeat, possibly with a test of the daily coral at 7123 for today.
Overnight the S&P500 bulls have defended the 4385 support level, and that needs to hold if they are going to push further up towards the 4450 level. We almost had a perfect double top at 4430, but the bears grabbed it from the off at 4426. It will be interesting to see if that support level holds today and if they can shake off a bear Tuesday.
For the FTSE100, we have initial resistance to start with at the 7078 level with the red 30m coral here, and also just above the daily pivot so we could see a small drop off this level to start with. Above there then we have the 7123 as mentioned, and 7149 for R2. Should the bulls push on past though then we still have the possibility of a test of the 7193 level and the top of the Raff channels which are hovering at the 7200 level. 7186 is also R3. Can we get that high today, probably not and I think that 7149 level may well mark any highs, though I am expecting the 7123 daily coral to get a reaction, at least on the first test.
The bulls are certainly going to try and defend today but should the bears start to drive it down then the first support level is 7047 where we have the 200ema 30m, and then 7037 for S1. That is just above the key fib as well which is 7031. Should we see this area then I am thinking it will hold, and if may well coincide with the S&P500 defending the 4385 level. Below that though and S2 and the round number at 7000 is the next key level.
Despite a bear Tuesday in the offing, I am actually thinking that we may well get a rise to test that 7123 level, and maybe even a bit higher. We are holding above 7000 ok at the moment and the S&P500 looks like it wants to push higher still.
Good luck today.
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Asian Session
Most Asian stocks dipped Tuesday and Treasury yields held a retreat amid concerns the economic recovery from the pandemic is losing momentum.
MSCI Inc.’s Asia-Pacific equity index fell, with shares in China and Hong Kong still feeling the effects of Beijing’s clampdown on private industries. Internet giant Tencent Holdings Ltd. slumped on fears the authorities will set their sights on online entertainment next. S&P 500 and Nasdaq 100 contracts posted modest gains while European futures declined.
The spread of the delta Covid-19 variant and signs of robust but softer U.S. manufacturing growth contributed to an overnight S&P 500 dip. The 10-year U.S. Treasury yield remained below 1.20% after falling as low as 1.15%. The real yield on 10-year Treasuries -- which strips out the expected impact of inflation -- was close to a record low.
Oil held a plunge as the virus and indications of a slower Chinese economic rebound hurt the outlook for consumption. New Zealand’s dollar jumped on policy tightening bets. Australia’s currency advanced after its central bank kept a plan to taper bond purchases despite a protracted lockdown in Sydney.
The months-long advance in Treasuries for some commentators points to worries that a weaker period lies ahead for the economic reopening from the health crisis. Traders are awaiting key U.S. jobs data this week to gauge the recovery and monitoring the impact of price pressures sparked by pandemic-related disruption and bottlenecks. [Bloomberg]
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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.
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis

FTSE 100 live outlook prediction analysis for 3rd August 2021

Wall Street gave up its earlier gains yesterday as worries about the Delta variant and a slowing US economy overshadowed optimism around more fiscal stimulus and a strong second-quarter earnings season. Fresh data showed that although US manufacturing grew in July, its pace slowed for a second straight month as spending rotated back to services from goods, and shortages of raw materials persisted.

By early afternoon in New York, the S&P 500 was up a slighter 0.1pc, having closed in on record highs earlier in the morning. The Dow Jones was up by the same percentage and Nasdaq was in the green by 0.4pc.

The bulls managed to push just above the 7100 level yesterday but the bears fought back and today it looks like we might have a repeat, possibly with a test of the daily coral at 7123 for today.

Overnight the S&P500 bulls have defended the 4385 support level, and that needs to hold if they are going to push further up towards the 4450 level. We almost had a perfect double top at 4430, but the bears grabbed it from the off at 4426. It will be interesting to see if that support level holds today and if they can shake off a bear Tuesday.

For the FTSE100, we have initial resistance to start with at the 7078 level with the red 30m coral here, and also just above the daily pivot so we could see a small drop off this level to start with. Above there then we have the 7123 as mentioned, and 7149 for R2. Should the bulls push on past though then we still have the possibility of a test of the 7193 level and the top of the Raff channels which are hovering at the 7200 level. 7186 is also R3. Can we get that high today, probably not and I think that 7149 level may well mark any highs, though I am expecting the 7123 daily coral to get a reaction, at least on the first test.

The bulls are certainly going to try and defend today but should the bears start to drive it down then the first support level is 7047 where we have the 200ema 30m, and then 7037 for S1. That is just above the key fib as well which is 7031. Should we see this area then I am thinking it will hold, and if may well coincide with the S&P500 defending the 4385 level. Below that though and S2 and the round number at 7000 is the next key level.

Despite a bear Tuesday in the offing, I am actually thinking that we may well get a rise to test that 7123 level, and maybe even a bit higher. We are holding above 7000 ok at the moment and the S&P500 looks like it wants to push higher still.

Good luck today.

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Asian Session

Most Asian stocks dipped Tuesday and Treasury yields held a retreat amid concerns the economic recovery from the pandemic is losing momentum.

MSCI Inc.’s Asia-Pacific equity index fell, with shares in China and Hong Kong still feeling the effects of Beijing’s clampdown on private industries. Internet giant Tencent Holdings Ltd. slumped on fears the authorities will set their sights on online entertainment next. S&P 500 and Nasdaq 100 contracts posted modest gains while European futures declined.

The spread of the delta Covid-19 variant and signs of robust but softer U.S. manufacturing growth contributed to an overnight S&P 500 dip. The 10-year U.S. Treasury yield remained below 1.20% after falling as low as 1.15%. The real yield on 10-year Treasuries -- which strips out the expected impact of inflation -- was close to a record low.

Oil held a plunge as the virus and indications of a slower Chinese economic rebound hurt the outlook for consumption. New Zealand’s dollar jumped on policy tightening bets. Australia’s currency advanced after its central bank kept a plan to taper bond purchases despite a protracted lockdown in Sydney.

The months-long advance in Treasuries for some commentators points to worries that a weaker period lies ahead for the economic reopening from the health crisis. Traders are awaiting key U.S. jobs data this week to gauge the recovery and monitoring the impact of price pressures sparked by pandemic-related disruption and bottlenecks. [Bloomberg]

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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