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Bulls stall at the 7570... bear Tuesday | 7500 7480 7457 support | 7560 7580 resistance
Quote from Nick on 8th August 2023, 9:12 am
FTSE 100 technical analysis for 8th August 2023
Will the FTSE 100 be bearish today?
The commodity-heavy FTSE 100 index ended lower, weighed down by a fall in mining shares amid concerns of weakened demand from China. The blue-chip index closed down 0.13pc at 7,554.49, while the FTSE 250 midcap index sank 0.39pc to 18,861.67.
Investors have sold off long-term Government bonds as uncertainty returns about the future of interest rates ahead of US inflation data this week.
Asian share markets were mostly weaker on Tuesday as investors digested weaker Chinese trade data ahead of key inflation readings from China and the United States to deliver an updated outlook on the health of the global economy.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7% on Tuesday, after U.S. stocks ended the previous session with mild gains. The index is down 2.9% so far this month.
FTSE 100 technical analysis - Will the FTSE 100 be bearish today?
Great climb off the 7515 support yesterday right to the 7570 resistance level, but failing just short of the bigger resistance at 7580. That remains in play and should we see that today then a short here is still worth taking. After yesterdays bullish Monday then we may well get the bearish Tuesday today, and a drop down to the 7500 level, and possibly the 7480 this morning.
FTSE 100 technical analysis for 8th August 2023
Will the FTSE 100 be bearish today?
The commodity-heavy FTSE 100 index ended lower, weighed down by a fall in mining shares amid concerns of weakened demand from China. The blue-chip index closed down 0.13pc at 7,554.49, while the FTSE 250 midcap index sank 0.39pc to 18,861.67.
Investors have sold off long-term Government bonds as uncertainty returns about the future of interest rates ahead of US inflation data this week.
Asian share markets were mostly weaker on Tuesday as investors digested weaker Chinese trade data ahead of key inflation readings from China and the United States to deliver an updated outlook on the health of the global economy.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.7% on Tuesday, after U.S. stocks ended the previous session with mild gains. The index is down 2.9% so far this month.
FTSE 100 technical analysis - Will the FTSE 100 be bearish today?
Great climb off the 7515 support yesterday right to the 7570 resistance level, but failing just short of the bigger resistance at 7580. That remains in play and should we see that today then a short here is still worth taking. After yesterdays bullish Monday then we may well get the bearish Tuesday today, and a drop down to the 7500 level, and possibly the 7480 this morning.