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Bulls holding the line | FTSE could get 6600 but 6675 resistance first | 6540 6505 support

#1 · 10th February 2021, 10:21 am

Quote from Nick on 10th February 2021, 10:21 am
FTSE 100 live outlook prediction analysis for 10th February 2021
Markets were mostly flat throughout the day, with the FTSE 100 and 250 both grabbing small gains. The pound extended its upwards march towards $1.40 as the US currency continued to lose ground, a victim of broadly improving sentiment across the markets. The FTSE 100 ended up a slight 0.1pc at 6,531.56.

Financials and housebuilders were the top gainers among blue-chips, despite thin news flows surrounding both sectors.
The S&P 500 Index edged lower from an all-time high but the futures have gained overnight after a bullish Asian session. Treasuries advanced and the dollar fell for a third straight session. Oil climbed for a seventh session. Bitcoin fluctuated around a record.
Animal Source
A World Health Organization investigation in China found that the coronavirus most likely jumped to humans through an animal host or frozen wildlife products, finding that it’s “extremely unlikely” it came from a laboratory leak. No further research is needed to look into the theory about a leak, Peter Ben Embarek, a WHO official, said at a joint briefing with China in Wuhan, the city where Covid-19 first mushroomed at the end of 2019. That speculation has been promulgated by former U.S. President Donald Trump and some others. Here is how Bloomberg is tracking the pandemic.[Bloomberg]
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US & Asia Overnight from Bloomberg
Stocks and equity futures pushed higher on Wednesday as investors weighed the potential for a stimulus-fueled economic rebound against the chances of destabilizing inflation. The dollar edged lower.
Equities in Hong Kong climbed, led by Tencent Holdings Ltd. amid positive sentiment toward reported changes at its gaming business. S&P 500 futures advanced after the benchmark halted a six-day winning streak when it edged back from an all-time high. Treasuries were steady with the yield on benchmark notes trading around 1.16%. Earlier, the Nasdaq 100 Index eked out a gain, while small caps notched the longest rally since December 2019.
Elsewhere, oil edged lower after seven sessions of gains. Bitcoin pulled back from a record it reached after Tesla Inc. bought $1.5 billion of the cryptocurrency.
Global shares are testing another record high as investors cheer advancing vaccination efforts, rising stimulus prospects and a slowdown in coronavirus infections across the globe. Still, a ramp up in inflation expectations has also highlighted a debate about whether the so-called reflation trade in bonds could create jitters for global equities trading near record highs.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Bit of a static day on the FTSE yesterday though the S&P has continued to press on and is now sat on resistance, with the 2 hour level just above this at 3935 as the next level of note. We will need to keep an eye on the bulls and see off they can break above this 3925 level where we are as I write this.
For the FTSE 100 the 2 hour chart has gone bullish overnight and has support at the 6540 level to start with today. We would also have a test of the green 30min coral at that level so in theory that should hold as support on any initial dip.
Below the 6540 level then the daily pivot and 200ema at 6530 is next up, with the fib level and S1 below that at 6508 level. The bulls will certainly be keen to defend these lower levels but if the S&P does start to drop back then they may well get broken. The FTSE remains the laggard and is still off its January high at 6950, whilst the S&P continues to make new record highs.
For resistance, the 6600 level looks like it will be tested today, and we have R2 at 6590 just below that daily level. We also may well finally get a test of the 25ema on the daily chart at 6577 and I am keeping an eye on this level to see if we get a reaction. Overnight we have hit just below this at 6574 and had a little bit of a reaction.That said we may well get a bit of an overshoot and see the 6590/6600 level.
Not much more to say really, watching 6590/6600 as resistance, and 6530/40 as support, with 6508 below that.
Good luck today.
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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 live outlook prediction analysis for 10th February 2021

Markets were mostly flat throughout the day, with the FTSE 100 and 250 both grabbing small gains. The pound extended its upwards march towards $1.40 as the US currency continued to lose ground, a victim of broadly improving sentiment across the markets. The FTSE 100 ended up a slight 0.1pc at 6,531.56.

Financials and housebuilders were the top gainers among blue-chips, despite thin news flows surrounding both sectors.

The S&P 500 Index edged lower from an all-time high but the futures have gained overnight after a bullish Asian session. Treasuries advanced and the dollar fell for a third straight session. Oil climbed for a seventh session. Bitcoin fluctuated around a record.

Animal Source

A World Health Organization investigation in China found that the coronavirus most likely jumped to humans through an animal host or frozen wildlife products, finding that it’s “extremely unlikely” it came from a laboratory leak. No further research is needed to look into the theory about a leak, Peter Ben Embarek, a WHO official, said at a joint briefing with China in Wuhan, the city where Covid-19 first mushroomed at the end of 2019. That speculation has been promulgated by former U.S. President Donald Trump and some others. Here is how Bloomberg is tracking the pandemic.[Bloomberg]

(adsbygoogle = window.adsbygoogle || []).push({});

US & Asia Overnight from Bloomberg

Stocks and equity futures pushed higher on Wednesday as investors weighed the potential for a stimulus-fueled economic rebound against the chances of destabilizing inflation. The dollar edged lower.

Equities in Hong Kong climbed, led by Tencent Holdings Ltd. amid positive sentiment toward reported changes at its gaming business. S&P 500 futures advanced after the benchmark halted a six-day winning streak when it edged back from an all-time high. Treasuries were steady with the yield on benchmark notes trading around 1.16%. Earlier, the Nasdaq 100 Index eked out a gain, while small caps notched the longest rally since December 2019.

Elsewhere, oil edged lower after seven sessions of gains. Bitcoin pulled back from a record it reached after Tesla Inc. bought $1.5 billion of the cryptocurrency.

Global shares are testing another record high as investors cheer advancing vaccination efforts, rising stimulus prospects and a slowdown in coronavirus infections across the globe. Still, a ramp up in inflation expectations has also highlighted a debate about whether the so-called reflation trade in bonds could create jitters for global equities trading near record highs.

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

Bit of a static day on the FTSE yesterday though the S&P has continued to press on and is now sat on resistance, with the 2 hour level just above this at 3935 as the next level of note. We will need to keep an eye on the bulls and see off they can break above this 3925 level where we are as I write this.

For the FTSE 100 the 2 hour chart has gone bullish overnight and has support at the 6540 level to start with today. We would also have a test of the green 30min coral at that level so in theory that should hold as support on any initial dip.

Below the 6540 level then the daily pivot and 200ema at 6530 is next up, with the fib level and S1 below that at 6508 level. The bulls will certainly be keen to defend these lower levels but if the S&P does start to drop back then they may well get broken. The FTSE remains the laggard and is still off its January high at 6950, whilst the S&P continues to make new record highs.

For resistance, the 6600 level looks like it will be tested today, and we have R2 at 6590 just below that daily level. We also may well finally get a test of the 25ema on the daily chart at 6577 and I am keeping an eye on this level to see if we get a reaction. Overnight we have hit just below this at 6574 and had a little bit of a reaction.That said we may well get a bit of an overshoot and see the 6590/6600 level.

Not much more to say really, watching 6590/6600 as resistance, and 6530/40 as support, with 6508 below that.

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 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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