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Bulls push on but 7120 area still initial resistance | 7188 above | 7048 7015 support

#1 · 2nd June 2021, 10:30 am

Quote from Nick on 2nd June 2021, 10:30 am
FTSE 100 live outlook prediction analysis for 2nd June 2021
The FTSE 100 closed 0.88pc higher, after a steady performance during the day. A buoyant mood on markets earlier in the day faded slightly towards the end of the session, with Wall Street basically flat and oil paring back some gains. Today’s gains were enough to lift European stocks to record highs, and take the FTSE 250 to its best-ever close.
US manufacturing activity picked up in May as a recovering economy boosted order growth. A measure of factory activity rose to 61.2 from 60.7 a month earlier, according to data released today by the Institute for Supply Management. Readings above 50 indicate expansion. However the report also showed a new high in order backlogs due to shortages of raw materials, shipping delays and labour. Delivery times were at their longest since 1974. Production in May expanded at the slowest pace in nearly a year, the ISM’s measure showed, adding to evidence that the supply challenges are constraining factories from reaching their full potential.
Sinovac Authorised
China’s Sinovac received long-awaited World Health Organization authorization of its Covid-19 vaccine, paving the way for a wider rollout of the controversial shot in countries scrambling for a supply of immunizations. It’s the second emergency use permission given to a Chinese Covid vaccine, after state-owned Sinopharm secured WHO’s nod in early May. More than 1.94 billion vaccine doses have been administered across 176 countries, according to Bloomberg’s vaccine tracker. Meanwhile, even as China rolls out a world-leading 20 million Covid-19 vaccine doses a day, it’s in no hurry to reopen to the world.
Asian Session
A gauge of Asian stocks was steady Wednesday after U.S. equities inched lower as the tussle between economic optimism and inflation concern continues to play out in markets.
Japanese stocks outperformed and Australian equities were bolstered by robust economic figures. Hong Kong and China slipped. U.S. equity futures were flat after the S&P 500 closed slightly lower. U.S. manufacturing data topped estimates overnight but also signaled supply shortages and labor constraints.
Oil rose to a more than two-year peak, with OPEC+ providing an upbeat demand assessment and the prospect of a speedy return of Iranian barrels waning. Benchmark 10-year U.S. Treasury yields edged up.
The dollar was steady in Asian trading. The Turkish lira fell to a record low against the greenback after President Recep Tayyip Erdogan renewed calls for lower interest rates.
Global stocks are looking for fresh catalysts as they hover at record highs. Concerns linger that the recovery from the pandemic will stoke inflation and prompt central banks to pare back policy support earlier than anticipated. Traders await key U.S. payrolls data Friday for a steer on the outlook.[Bloomberg]
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The bulls were out in force yesterday thats for sure after the long weekend, and we managed to break above the 7060 resistance to get a high just above the 7110 daily resistance level. The rise was helped by cable dropping off the 14250 level as well. That 7110 level saw a reaction as it coincided with the R3 S&P level at 4230 and dropped off in tandem. As such 4230 remains resistance on the S&P for today and we may well see this if the bulls can break above the 4213 2h resistance level.
The FTSE 2h charts remains bullish for today and has moving average support at 7048 to start with (but steadily rising) and the coral is green with support at 7033. As such we may well see a dip and rise play out today. The top of the 10 day Raff channel is at 7164 and a rise to that sort of area or higher would fit pretty well for early June. Second half of June might be a bit more bearish though!
If we do get an initial dip then the daily pivot is first up for support at 7060 and then the more significant 200ema at 7045. As this tallies with the 2h support I favour a long in this area, with a view to a rise towards 7130 or higher.
Should the bears break 7045 then 7015 is the key fib and the next level of note, and just above S1 at 7000. The bulls will of course still be keen to defend the 7000 level.
For the bulls above the 7188 level would likely see them try and crack the 7200 level, with the top of the 20d Raff above that at 7236.
As per yesterday really my bias remains bullish though I will still short off resistance levels (buy the supports still though!), and I am favouring a test of the top of the Raffs still on both the FTSE and the S&P (4325 currently for the S&P).
Good luck today, dip and rise may well play out.
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.
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 2nd June 2021

The FTSE 100 closed 0.88pc higher, after a steady performance during the day. A buoyant mood on markets earlier in the day faded slightly towards the end of the session, with Wall Street basically flat and oil paring back some gains. Today’s gains were enough to lift European stocks to record highs, and take the FTSE 250 to its best-ever close.

US manufacturing activity picked up in May as a recovering economy boosted order growth. A measure of factory activity rose to 61.2 from 60.7 a month earlier, according to data released today by the Institute for Supply Management. Readings above 50 indicate expansion. However the report also showed a new high in order backlogs due to shortages of raw materials, shipping delays and labour. Delivery times were at their longest since 1974. Production in May expanded at the slowest pace in nearly a year, the ISM’s measure showed, adding to evidence that the supply challenges are constraining factories from reaching their full potential.

Sinovac Authorised

China’s Sinovac received long-awaited World Health Organization authorization of its Covid-19 vaccine, paving the way for a wider rollout of the controversial shot in countries scrambling for a supply of immunizations. It’s the second emergency use permission given to a Chinese Covid vaccine, after state-owned Sinopharm secured WHO’s nod in early May. More than 1.94 billion vaccine doses have been administered across 176 countries, according to Bloomberg’s vaccine tracker. Meanwhile, even as China rolls out a world-leading 20 million Covid-19 vaccine doses a day, it’s in no hurry to reopen to the world.

Asian Session

A gauge of Asian stocks was steady Wednesday after U.S. equities inched lower as the tussle between economic optimism and inflation concern continues to play out in markets.

Japanese stocks outperformed and Australian equities were bolstered by robust economic figures. Hong Kong and China slipped. U.S. equity futures were flat after the S&P 500 closed slightly lower. U.S. manufacturing data topped estimates overnight but also signaled supply shortages and labor constraints.

Oil rose to a more than two-year peak, with OPEC+ providing an upbeat demand assessment and the prospect of a speedy return of Iranian barrels waning. Benchmark 10-year U.S. Treasury yields edged up.

The dollar was steady in Asian trading. The Turkish lira fell to a record low against the greenback after President Recep Tayyip Erdogan renewed calls for lower interest rates.

Global stocks are looking for fresh catalysts as they hover at record highs. Concerns linger that the recovery from the pandemic will stoke inflation and prompt central banks to pare back policy support earlier than anticipated. Traders await key U.S. payrolls data Friday for a steer on the outlook.[Bloomberg]

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

The bulls were out in force yesterday thats for sure after the long weekend, and we managed to break above the 7060 resistance to get a high just above the 7110 daily resistance level. The rise was helped by cable dropping off the 14250 level as well. That 7110 level saw a reaction as it coincided with the R3 S&P level at 4230 and dropped off in tandem. As such 4230 remains resistance on the S&P for today and we may well see this if the bulls can break above the 4213 2h resistance level.

The FTSE 2h charts remains bullish for today and has moving average support at 7048 to start with (but steadily rising) and the coral is green with support at 7033. As such we may well see a dip and rise play out today. The top of the 10 day Raff channel is at 7164 and a rise to that sort of area or higher would fit pretty well for early June. Second half of June might be a bit more bearish though!

If we do get an initial dip then the daily pivot is first up for support at 7060 and then the more significant 200ema at 7045. As this tallies with the 2h support I favour a long in this area, with a view to a rise towards 7130 or higher.

Should the bears break 7045 then 7015 is the key fib and the next level of note, and just above S1 at 7000. The bulls will of course still be keen to defend the 7000 level.

For the bulls above the 7188 level would likely see them try and crack the 7200 level, with the top of the 20d Raff above that at 7236.

As per yesterday really my bias remains bullish though I will still short off resistance levels (buy the supports still though!), and I am favouring a test of the top of the Raffs still on both the FTSE and the S&P (4325 currently for the S&P).

Good luck today, dip and rise may well play out.

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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