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Bulls need to defend 6750 otherwise 6690 on the cards | 6795 6847 resistance

#1 · 15th January 2021, 10:09 am

Quote from Nick on 15th January 2021, 10:09 am
FTSE 100 live outlook prediction analysis for 15th January 2021
The FTSE 100 shook off its early-week doldrums yesterday and managed a solid gain, driven in part by stimulus hopes. It was a decent bounce from just below the 6750 support level with the bulls getting it just above the 6800. The S&P meanwhile gave up its early gains, and overnight has dropped off further as it dips back below 3800, its now on key support as I write this at 3775 and the double bottom with Tuesday.

Initial unemployment claims in the US leapt last week, rising to the higher level since late August. Some 965,000 claims were made for jobless benefits.
Biden Boost
President-elect Joe Biden will ask Congress for $1.9 trillion to fund immediate relief for the pandemic-wracked U.S., in the face of a split Senate and a deteriorating economy. The proposal will be the first phase of a two-part strategy, with a broader program in subsequent weeks focused on longer-term goals such as infrastructure and climate change. Meanwhile, a day after the House impeached President Donald Trump for a second time, there is still little clarity on when his trial would take place or what form it would take. That has major implications for President-elect Joe Biden, who is set to be sworn-in six days from now.
The List Grows
The Trump administration announced that it’s blacklisting Chinese smartphone maker Xiaomi for its links to the military, and China’s third-biggest oil company China National Offshore Oil Corp., over drilling in disputed South China Sea waters. The announcement comes as part of a Trump administration push against Beijing during its final days in office, and follows a decision to blacklist more than 60 other Chinese companies in December, prompting China to threaten countermeasures. “CNOOC acts as a bully for the People’s Liberation Army to intimidate China’s neighbors, and the Chinese military continues to benefit from government civil-military fusion policies for malign purposes," Commerce Secretary Wilbur Ross said in a statement.
China On Top
China’s economic ascent is accelerating barely a year after its first coronavirus lockdowns. The world’s second-largest economy is set on Monday to report GDP increased 2.1% in 2020, the only major economy to have avoided a contraction, according to a Bloomberg survey of economists. After withstanding President Donald Trump’s trade war, China is looking to domestic consumption to power its next phase of growth, and is deepening ties within Asia and Europe: In November, fifteen Asian countries including China signed the Regional Comprehensive Economic Partnership pact, and in December, the EU agreed to a comprehensive investment deal with China.[Bloomberg]
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US & Asia Overnight from Bloomberg
U.S. equity futures and Treasury yields retreated Friday along with Asian stocks as investors scrutinized President-elect Joe Biden’s much-anticipated $1.9 trillion Covid-19 relief plan.
With few surprises to catch investors off guard, attention turned to how much of the package will ultimately get passed by Congress and a reminder that he is looking to raise some taxes. Biden’s proposal includes a wave of new spending, more direct payments to households, an expansion of jobless benefits and an enlargement of vaccinations and virus-testing programs.
S&P 500 futures slipped and South Korean shares underperformed in Asia, though Australian stocks ticked higher. Xiaomi Corp. tumbled after the Trump administration blacklisted the Chinese smartphone manufacturer for its military links, along with China National Offshore Oil Corp.
Elsewhere, Federal Reserve Chairman Jerome Powell said policy makers won’t raise interest rates unless they see troubling signs of inflation. Oil rose to a new 10-month high in New York on the stimulus hopes. Bitcoin traded around $39,000 as it continued to recover from this week’s rapid plunge.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
A bit of weakness has kicked in overnight on the S&P and the FTSE has also dropped off after reaching the 6810 level yesterday. We may well see a rise dip rise play out today - will the US do their usual Friday afternoon pumps? To start with as I write the FTSE 100 is on support at the key fib level of 6762 and just above S1 at 6756. As such, if the bulls can defend this we may well get a kick up to the 2h coral line at 6794 and just above the daily pivot of 6784. If the bulls can break the 6800 level though then we may well see a rise towards the key fib at 6847. The daily resistance level that we dropped off from last week at 6905 remains the bigger line in the sand and the bulls will really need to break this for further upside.
The S&P 2h chart is also looking a bit more bearish now with the coral going red at 3819 and the Hull MA at 3816 both giving resistance here. I am still have expecting a push higher before a bigger drop off but its making hard work of it so far, and with the weakness overnight we may already have started to drop off towards the bottom of the 20d Raff at 3700.
For the FTSE 100 the bulls will be looking to defend 6750 as a break of this will likely lead down to the 6690 level and possibly the 6670 10 day Raff channel bottom. It feels like the bears may well be sharpening their claws though! We are certainly on some key supports to start with this morning.
Not much more to say really, looking for a rise and dip today. As its Friday it can pay to be a little bit more cautious. Good luck today and have a great weekend.
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
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FTSE 100 live outlook prediction analysis for 15th January 2021

The FTSE 100 shook off its early-week doldrums yesterday and managed a solid gain, driven in part by stimulus hopes. It was a decent bounce from just below the 6750 support level with the bulls getting it just above the 6800. The S&P meanwhile gave up its early gains, and overnight has dropped off further as it dips back below 3800, its now on key support as I write this at 3775 and the double bottom with Tuesday.

Initial unemployment claims in the US leapt last week, rising to the higher level since late August. Some 965,000 claims were made for jobless benefits.

Biden Boost
President-elect Joe Biden will ask Congress for $1.9 trillion to fund immediate relief for the pandemic-wracked U.S., in the face of a split Senate and a deteriorating economy. The proposal will be the first phase of a two-part strategy, with a broader program in subsequent weeks focused on longer-term goals such as infrastructure and climate change. Meanwhile, a day after the House impeached President Donald Trump for a second time, there is still little clarity on when his trial would take place or what form it would take. That has major implications for President-elect Joe Biden, who is set to be sworn-in six days from now.

The List Grows

The Trump administration announced that it’s blacklisting Chinese smartphone maker Xiaomi for its links to the military, and China’s third-biggest oil company China National Offshore Oil Corp., over drilling in disputed South China Sea waters. The announcement comes as part of a Trump administration push against Beijing during its final days in office, and follows a decision to blacklist more than 60 other Chinese companies in December, prompting China to threaten countermeasures. “CNOOC acts as a bully for the People’s Liberation Army to intimidate China’s neighbors, and the Chinese military continues to benefit from government civil-military fusion policies for malign purposes," Commerce Secretary Wilbur Ross said in a statement.

China On Top

China’s economic ascent is accelerating barely a year after its first coronavirus lockdowns. The world’s second-largest economy is set on Monday to report GDP increased 2.1% in 2020, the only major economy to have avoided a contraction, according to a Bloomberg survey of economists. After withstanding President Donald Trump’s trade war, China is looking to domestic consumption to power its next phase of growth, and is deepening ties within Asia and Europe: In November, fifteen Asian countries including China signed the Regional Comprehensive Economic Partnership pact, and in December, the EU agreed to a comprehensive investment deal with China.[Bloomberg]

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

US & Asia Overnight from Bloomberg

U.S. equity futures and Treasury yields retreated Friday along with Asian stocks as investors scrutinized President-elect Joe Biden’s much-anticipated $1.9 trillion Covid-19 relief plan.

With few surprises to catch investors off guard, attention turned to how much of the package will ultimately get passed by Congress and a reminder that he is looking to raise some taxes. Biden’s proposal includes a wave of new spending, more direct payments to households, an expansion of jobless benefits and an enlargement of vaccinations and virus-testing programs.

S&P 500 futures slipped and South Korean shares underperformed in Asia, though Australian stocks ticked higher. Xiaomi Corp. tumbled after the Trump administration blacklisted the Chinese smartphone manufacturer for its military links, along with China National Offshore Oil Corp.

Elsewhere, Federal Reserve Chairman Jerome Powell said policy makers won’t raise interest rates unless they see troubling signs of inflation. Oil rose to a new 10-month high in New York on the stimulus hopes. Bitcoin traded around $39,000 as it continued to recover from this week’s rapid plunge.

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

A bit of weakness has kicked in overnight on the S&P and the FTSE has also dropped off after reaching the 6810 level yesterday. We may well see a rise dip rise play out today - will the US do their usual Friday afternoon pumps? To start with as I write the FTSE 100 is on support at the key fib level of 6762 and just above S1 at 6756. As such, if the bulls can defend this we may well get a kick up to the 2h coral line at 6794 and just above the daily pivot of 6784. If the bulls can break the 6800 level though then we may well see a rise towards the key fib at 6847. The daily resistance level that we dropped off from last week at 6905 remains the bigger line in the sand and the bulls will really need to break this for further upside.

The S&P 2h chart is also looking a bit more bearish now with the coral going red at 3819 and the Hull MA at 3816 both giving resistance here. I am still have expecting a push higher before a bigger drop off but its making hard work of it so far, and with the weakness overnight we may already have started to drop off towards the bottom of the 20d Raff at 3700.

For the FTSE 100 the bulls will be looking to defend 6750 as a break of this will likely lead down to the 6690 level and possibly the 6670 10 day Raff channel bottom. It feels like the bears may well be sharpening their claws though! We are certainly on some key supports to start with this morning.

Not much more to say really, looking for a rise and dip today. As its Friday it can pay to be a little bit more cautious. Good luck today and have a great weekend.

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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