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Bulls losing the battle | 7900 7870 7826 support | 7921 7960 8016 resistance | US GDP 2.9%

#1 · 23rd February 2023, 10:31 am

Quote from Nick on 23rd February 2023, 10:31 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 21st February 2023
Check out IG for trading https://refer.ig.com/iA6I8q
Asian stock markets eked gains on Thursday after better-than-expected revenue at chip giant Nvidia helped the sector in Taiwan and South Korea and offset worries that strong economic data so far this year is a harbinger of even more rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japan touched its lowest level since Jan. 6 in early trade, but rose about 0.7% as the day wore on.
Signals elsewhere were less reassuring as this year's run of strong economic data has investors worrying interest rates will need to keep rising and stay high to put the brakes on inflation.
The bulls are hanging in there around the 7900 level though the bears have driven it down well off the 8050 level as expected. Likewise the S&P500 valiantly defending the 4000 level and with 3990 now locked in as 2h support for today, along with a green 30m coral and daily pivot at the 3999 level (first time the 30m coral has been green for a while) we may well see a bit of bullishness today if they can defend these levels.
For the FTSE100 that could set up a rise towards the cluster of resistance levels at the 7970 area, namely the 30m 20ema, key fib and R1. If they can get it to here then we could well see a stutter here, and some profit taking, before some more upside later.
Pessimistic news from the US to do with housing, and it will likely follow here too. Certainly a quick check on rightmove shows the big ticket houses hanging around for longer (in my area anyway) now that the post Covid buy anything euphoria has died down sufficiently. Interest rates obviously also playing a part.
We have Euro inflation news at 10am, expected to remain steady at 5.2%, though US GDP at 13:30 may show a drop to 2.9% which could trigger a sell on the S&P500 from the 4040 area....
Back to the FTSE100 and above 7970 then 8000 is of course back in play, though R2 at 8016 may be seen.
Support wise, below 7900 then 7870 is S1 and 7861 is the key fib, so I would like to see this area defended on any drop either initially or later today.
The 2h FTSE100 chart remains bearish for the moment, with 7950 Hull resistance and then 7990 for the now red 2h coral. Keep an eye on both of these levels.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 21st February 2023

Check out IG for trading https://refer.ig.com/iA6I8q

Asian stock markets eked gains on Thursday after better-than-expected revenue at chip giant Nvidia helped the sector in Taiwan and South Korea and offset worries that strong economic data so far this year is a harbinger of even more rate hikes. MSCI's broadest index of Asia-Pacific shares outside Japan touched its lowest level since Jan. 6 in early trade, but rose about 0.7% as the day wore on.

Signals elsewhere were less reassuring as this year's run of strong economic data has investors worrying interest rates will need to keep rising and stay high to put the brakes on inflation.

The bulls are hanging in there around the 7900 level though the bears have driven it down well off the 8050 level as expected. Likewise the S&P500 valiantly defending the 4000 level and with 3990 now locked in as 2h support for today, along with a green 30m coral and daily pivot at the 3999 level (first time the 30m coral has been green for a while) we may well see a bit of bullishness today if they can defend these levels.

For the FTSE100 that could set up a rise towards the cluster of resistance levels at the 7970 area, namely the 30m 20ema, key fib and R1. If they can get it to here then we could well see a stutter here, and some profit taking, before some more upside later.

Pessimistic news from the US to do with housing, and it will likely follow here too. Certainly a quick check on rightmove shows the big ticket houses hanging around for longer (in my area anyway) now that the post Covid buy anything euphoria has died down sufficiently. Interest rates obviously also playing a part.

We have Euro inflation news at 10am, expected to remain steady at 5.2%, though US GDP at 13:30 may show a drop to 2.9% which could trigger a sell on the S&P500 from the 4040 area....

Back to the FTSE100 and above 7970 then 8000 is of course back in play, though R2 at 8016 may be seen.

Support wise, below 7900 then 7870 is S1 and 7861 is the key fib, so I would like to see this area defended on any drop either initially or later today.

The 2h FTSE100 chart remains bearish for the moment, with 7950 Hull resistance and then 7990 for the now red 2h coral. Keep an eye on both of these levels.

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