Discussion Forum for trading analysis, help, signals and learning how to trade. Chat with other traders , post analysis, trades and ask questions. This is the public part of my website. For more in-depth discussions please consider joining to chat with other members

ForumTrading Forum with market discussion and live trades: Market DiscussionBulls defend but 7890 support wea …

Please or Register to create posts and topics.

Bulls defend but 7890 support weakening | 7860 7830 below | 7920 7975 resistance

#1 · 9th March 2023, 10:08 am

Quote from Nick on 9th March 2023, 10:08 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 9th March 2023
Asian shares wobbled while the dollar was perched near a three-month top on Thursday after a spate of economic data overnight appeared to support Federal Reserve Chairman Jerome Powell’s hawkish guidance on further interest rate increases.
The caution is set to extend to Europe ahead of the release of the February U.S. payrolls data, with pan-region Euro Stoxx 50 futures dipping 0.2%. Both S&P 500 futures and Nasdaq futures were off 0.2%.
In his second day on Capitol Hill, Powell stuck to his message of higher and potentially faster interest rate hikes, but emphasised that debate was still underway with a decision hinging on data to be issued before the U.S. central bank’s policy meeting in two weeks.
Yet another defence of the 7890 level yesterday saw the FTSE100 manage a rise to the 7948 level before dropping back. It's held steady overnight just above the 7900 level and could have a repeat performance today with a rise to test the 7980 resistance level again. With R2 and the key fib here, then a drop off once again would make sense, though the bulls would of course be aiming for a break above the 8000 level.
The bears meanwhile will be looking to break 7890 as that would open up the chance for a drop down to 7950, and a test of the daily support here. With S2 and the 10d Raff at 7960 though we should see this zone get decent support if S1 at 7889 breaks. As such I have put two long orders in the plan for today.
Above the 7980 level then 8006 is R3, and the bulls could easily push on towards the 8030 resistance area.
We do have NFP tomorrow to bear in mind as well, while US data released so far paints a picture of a sturdy economy, doing little to assuage fears the Fed will ease up on its relentless rate hikes. We also have UK GDP data out tomorrow with the forecasts matching the last months data of -0.1%. Though they may want to manipulate to a positive figure to avoid the "recession" word!
Below 7860 and then 7831 is the S3 level for today and it would be looking quite pessimistic if we get that low today. I am thinking that buy the rumour sell the news is the more likely bias for the moment ahead of NFP.
So, across the board it's looking like a small dip and then a rise as we have some decent support levels in play. 7890, 7860 for the FTSE100, 15570 for the Dax40 and then 3980 for the S&P500. If the bulls can defend these levels then we should see a bit of upside today but they will need to be quick out the blocks.
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

FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 9th March 2023

Asian shares wobbled while the dollar was perched near a three-month top on Thursday after a spate of economic data overnight appeared to support Federal Reserve Chairman Jerome Powell’s hawkish guidance on further interest rate increases.

The caution is set to extend to Europe ahead of the release of the February U.S. payrolls data, with pan-region Euro Stoxx 50 futures dipping 0.2%. Both S&P 500 futures and Nasdaq futures were off 0.2%.

In his second day on Capitol Hill, Powell stuck to his message of higher and potentially faster interest rate hikes, but emphasised that debate was still underway with a decision hinging on data to be issued before the U.S. central bank’s policy meeting in two weeks.

Yet another defence of the 7890 level yesterday saw the FTSE100 manage a rise to the 7948 level before dropping back. It's held steady overnight just above the 7900 level and could have a repeat performance today with a rise to test the 7980 resistance level again. With R2 and the key fib here, then a drop off once again would make sense, though the bulls would of course be aiming for a break above the 8000 level.

The bears meanwhile will be looking to break 7890 as that would open up the chance for a drop down to 7950, and a test of the daily support here. With S2 and the 10d Raff at 7960 though we should see this zone get decent support if S1 at 7889 breaks. As such I have put two long orders in the plan for today.

Above the 7980 level then 8006 is R3, and the bulls could easily push on towards the 8030 resistance area.

We do have NFP tomorrow to bear in mind as well, while US data released so far paints a picture of a sturdy economy, doing little to assuage fears the Fed will ease up on its relentless rate hikes. We also have UK GDP data out tomorrow with the forecasts matching the last months data of -0.1%. Though they may want to manipulate to a positive figure to avoid the "recession" word!

Below 7860 and then 7831 is the S3 level for today and it would be looking quite pessimistic if we get that low today. I am thinking that buy the rumour sell the news is the more likely bias for the moment ahead of NFP.

So, across the board it's looking like a small dip and then a rise as we have some decent support levels in play. 7890, 7860 for the FTSE100, 15570 for the Dax40 and then 3980 for the S&P500. If the bulls can defend these levels then we should see a bit of upside today but they will need to be quick out the blocks.

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