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Bulls hold the line at 7000 | 7100 7120 7140 resistance | 7055 7035 6995 support

#1 · 19th May 2021, 8:26 am

Quote from Nick on 19th May 2021, 8:26 am
FTSE 100 live outlook prediction analysis for 18th May 2021
The FTSE 100 was relatively flat as Covid concerns overshadowed England’s next stage of reopening. Markets were caught between concern about rising coronavirus cases in Asia, and inflation anxieties preoccupying investors in the US. Blue chips fell 10.76 points to 7,032.85, and the FTSE 250 lost 121.96 points to 22,214.14.
Traders turned away from hospitality and travel stocks – some of the worst hit by the pandemic – despite the UK taking its next step out of lockdown.

We got the dip down to the 7010 support level, but a slight overshoot to 6987 before the bulls reappeared to drive it back up towards the 7100 level overnight.
Dollar Weakens
Asian stocks look poised for a muted open as virus cases in the region pick up and concerns about the economic outlook weighed on their U.S. peers. The dollar weakened. Futures were little changed in Japan, Australia and Hong Kong. Technology and communication services stocks led the benchmark S&P 500 lower, while energy shares rose. Apple and Microsoft weighed on the tech-heavy Nasdaq 100. Benchmark Treasuries retreated and the dollar dropped for a third consecutive day against its peers. Oil advanced to a two-year high. Meanwhile, a market cycle on steroids leaves Wall Street guessing what might come next.
China Wants In
China is pushing ahead with behind-the-scenes talks to join a major trade deal that was originally conceived to exclude Beijing and cement U.S. ties in the Asia-Pacific region, until Trump pulled out of the deal. Officials from Australia, Malaysia, New Zealand and possibly other nations have held technical talks with Chinese counterparts on details of the Comprehensive and Progressive Trans-Pacific Partnership, according to people familiar with the discussions. Many of the nations involved are heavily dependent on trade with China, but the country’s worsening image in some places may make it harder to agree on entry.[Bloomberg]
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US & Asia Overnight from Bloomberg
Asian stocks and U.S. futures rose Tuesday with investors weighing the pace of growth as economies reopen against a pick-up in virus cases in the region. The dollar dipped.
Taiwan outperformed, jumping as much as 5.2%, as the financial stabilization fund said it was monitoring stocks after the worst rout in more than a year and data showed foreign investors had continued buying during the selloff. Japan and Hong Kong paced gains in a gauge of the region’s stocks. Earlier, technology and communication services stocks led U.S. stocks lower as volatility ticked up. Treasuries were stable after retreating.
Oil was up marginally and near a two-year high amid optimism around a demand recovery in regions such as the U.S., even as coronavirus flares up in parts of Asia.
Investors this week will parse the minutes from the Federal Open Market Committee’s latest meeting for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases. Federal Reserve Vice Chair Richard Clarida said during a webinar that the weaker-than-expected April payroll report shows “we have not made substantial further progress” on the central bank’s goals for employment and inflation laid out as thresholds to begin scaling back the central bank’s massive monthly bond purchases.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The bulls managed to defend the 7000 level in the end after the typical slight overshoot and we are now knocking on the door of 7100. R2 is at 7120 today and we have the more significant daily resistance at the 7139 level. R3 is above this at 7168 and we may well need the S&P bulls to push past 4210 (R3) to see that area.
Initially today I am thinking that we may well get a small dip down to the green 30m coral support at 7055, though there is a chance that the 25ema at 7074 may hold to start with. On the 2 hour chart the supports remain untested and have moved up to 7012 for the Hull moving average and 6990 for the coral.
The S&P is back on its 4177 resistance level to start with today and after the fight back yesterday may well consolidate a bit around here as its R1 for today. Again, we have a green 30m coral support on that at 4168 for today. 4127 and 4116 for the 2 hour supports to keep an eye out for. A rise towards 4189 fib level then 4210 R3 looks likely today.
If the FTSE bulls were to really push on (and with a possible bear Tuesday playing out later we may struggle to do so) the top of the 10 day Raff has widened out to 7250 for the moment. Bulls are still in charge for the moment after that flushing exercise last week down to 6850.
If the bears were to break below the 7055 level then 7025 is the next level of note, then yesterdays low at 6988. That also ties in with the 2h coral as mentioned at 6990 so I would like to see this level hold, otherwise we are heading back to 6900 and possibly the daily support at 6857. A break of that and things get quite bearish but I think that the bulls will remain ion charge for a bit more of May just yet.
Good luck today, basically looking at a rise and dip to play out with a bit of bear Tuesday kicking in later. 30m and 2 hour chart all remain bullish for the moment.
Recommended Broker

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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.
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Telegram live trading room and webinar group membership for discussion and realtime trade updates
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FTSE 100 live outlook prediction analysis for 18th May 2021

The FTSE 100 was relatively flat as Covid concerns overshadowed England’s next stage of reopening. Markets were caught between concern about rising coronavirus cases in Asia, and inflation anxieties preoccupying investors in the US. Blue chips fell 10.76 points to 7,032.85, and the FTSE 250 lost 121.96 points to 22,214.14.

Traders turned away from hospitality and travel stocks – some of the worst hit by the pandemic – despite the UK taking its next step out of lockdown.

We got the dip down to the 7010 support level, but a slight overshoot to 6987 before the bulls reappeared to drive it back up towards the 7100 level overnight.

Dollar Weakens
Asian stocks look poised for a muted open as virus cases in the region pick up and concerns about the economic outlook weighed on their U.S. peers. The dollar weakened. Futures were little changed in Japan, Australia and Hong Kong. Technology and communication services stocks led the benchmark S&P 500 lower, while energy shares rose. Apple and Microsoft weighed on the tech-heavy Nasdaq 100. Benchmark Treasuries retreated and the dollar dropped for a third consecutive day against its peers. Oil advanced to a two-year high. Meanwhile, a market cycle on steroids leaves Wall Street guessing what might come next.

China Wants In
China is pushing ahead with behind-the-scenes talks to join a major trade deal that was originally conceived to exclude Beijing and cement U.S. ties in the Asia-Pacific region, until Trump pulled out of the deal. Officials from Australia, Malaysia, New Zealand and possibly other nations have held technical talks with Chinese counterparts on details of the Comprehensive and Progressive Trans-Pacific Partnership, according to people familiar with the discussions. Many of the nations involved are heavily dependent on trade with China, but the country’s worsening image in some places may make it harder to agree on entry.[Bloomberg]

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US & Asia Overnight from Bloomberg

Asian stocks and U.S. futures rose Tuesday with investors weighing the pace of growth as economies reopen against a pick-up in virus cases in the region. The dollar dipped.

Taiwan outperformed, jumping as much as 5.2%, as the financial stabilization fund said it was monitoring stocks after the worst rout in more than a year and data showed foreign investors had continued buying during the selloff. Japan and Hong Kong paced gains in a gauge of the region’s stocks. Earlier, technology and communication services stocks led U.S. stocks lower as volatility ticked up. Treasuries were stable after retreating.

Oil was up marginally and near a two-year high amid optimism around a demand recovery in regions such as the U.S., even as coronavirus flares up in parts of Asia.

Investors this week will parse the minutes from the Federal Open Market Committee’s latest meeting for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases. Federal Reserve Vice Chair Richard Clarida said during a webinar that the weaker-than-expected April payroll report shows “we have not made substantial further progress” on the central bank’s goals for employment and inflation laid out as thresholds to begin scaling back the central bank’s massive monthly bond purchases.

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

The bulls managed to defend the 7000 level in the end after the typical slight overshoot and we are now knocking on the door of 7100. R2 is at 7120 today and we have the more significant daily resistance at the 7139 level. R3 is above this at 7168 and we may well need the S&P bulls to push past 4210 (R3) to see that area.

Initially today I am thinking that we may well get a small dip down to the green 30m coral support at 7055, though there is a chance that the 25ema at 7074 may hold to start with. On the 2 hour chart the supports remain untested and have moved up to 7012 for the Hull moving average and 6990 for the coral.

The S&P is back on its 4177 resistance level to start with today and after the fight back yesterday may well consolidate a bit around here as its R1 for today. Again, we have a green 30m coral support on that at 4168 for today. 4127 and 4116 for the 2 hour supports to keep an eye out for. A rise towards 4189 fib level then 4210 R3 looks likely today.

If the FTSE bulls were to really push on (and with a possible bear Tuesday playing out later we may struggle to do so) the top of the 10 day Raff has widened out to 7250 for the moment. Bulls are still in charge for the moment after that flushing exercise last week down to 6850.

If the bears were to break below the 7055 level then 7025 is the next level of note, then yesterdays low at 6988. That also ties in with the 2h coral as mentioned at 6990 so I would like to see this level hold, otherwise we are heading back to 6900 and possibly the daily support at 6857. A break of that and things get quite bearish but I think that the bulls will remain ion charge for a bit more of May just yet.

Good luck today, basically looking at a rise and dip to play out with a bit of bear Tuesday kicking in later. 30m and 2 hour chart all remain bullish for the moment.

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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