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Bulls still in control with 6680 6730 6750 resistance | 6596 support | Georgia Senate runoff race

#1 · 6th January 2021, 10:08 am

Quote from Nick on 6th January 2021, 10:08 am
FTSE 100 live outlook prediction analysis for 6th January 2021
In the U.S., two Georgia runoff races will determine control of the Senate and the fate of President-elect Joe Biden’s agenda. They were too close to call from early results, and because of the high number of absentee ballots, there’s a chance the winners won’t be determined for days. However, Democrat Raphael Warnock edged ahead of incumbent Senator Kelly Loeffler in one of Georgia’s two Senate runoffs on Tuesday, lifting the party’s hopes for retaking the chamber from the GOP even as the two races remained too close to call. Warnock declared victory even as media organizations delayed calling the close race and Loeffler refused to concede.

Boris Johnson has said that 1.3m people in the UK - including 1.1m in England - have now received the coronavirus vaccine. He said that includes 650,000 people over the age of 80, which was 23pc of all the over 80s in England.
Saudi Arabia has pledged to cut one million barrels of oil production per day for the next two months, in expectation that coronavirus lockdowns will hamper demand. The surprise decision came after two days of talks via video conference among Opec+ producers, and sent crude oil futures shooting up as much as 5pc to $50 a barrel in New York for the first time since February as traders prepared for a much tighter market than had been expected.
Britain is on course to borrow a record £450bn this year after Boris Johnson plunged the country back into a national lockdown, economists have warned. The latest Covid shutdown looks set to shatter the Office for Budget Responsibility’s £394bn borrowing forecast for the current financial year, made just six weeks ago. It will raise fresh fears that future generations will be saddled with a massive burden of state debt.
Change of Mind
The New York Stock Exchange is reconsidering its decision to halt the delisting of three major Chinese telecommunications firms after Treasury Secretary Steven Mnuchin told the Big Board he opposed its shock announcement to grant the companies a reprieve, said three people familiar with the matter. NYSE’s announcement that it wouldn’t remove China Mobile, China Telecom and China Unicom Hong Kong after all, caught some officials at the White House, Treasury and State departments off guard. It also sowed confusion among the regulators who had helped craft the order signed by President Donald Trump in November that requires American investors to unload Chinese businesses deemed as posing a threat to U.S. national security.[Bloomberg]
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US & Asia Overnight from Bloomberg
Treasuries declined with U.S. equity futures Wednesday amid concerns about the implications of a potential Democrat victory in a tight Senate race in Georgia. Asian stocks were mixed.
The yield on 10-year Treasuries rose past 1% for the first time since March and S&P 500 contracts retreated. Nasdaq 100 futures tumbled more than 1%. Democrat Raphael Warnock edged ahead of incumbent Senator Kelly Loeffler in one of the two Senate runoffs, lifting the party’s hopes for retaking the chamber from the GOP even as the two races remained too close to call. Some strategists argue that a Democratic double win would mean additional stimulus, tax hikes and more regulation. The dollar was little changed after touching its lowest since February 2018 against major peers.
Stocks saw a modest advance in Japan, while South Korea’s Kospi index topped the 3,000 level for the first time before paring gains. Australia fell. Shares in Hong Kong fluctuated amid sweeping arrests under a national security law. Chinese equities traded around a 13-year high, shrugging off concerns after President Donald Trump signed an order banning U.S. transactions with eight digital Chinese payment platforms including Ant Group Co.’s Alipay.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
That was a decent rise from the 6518 FTSE 100 level yesterday and we have held above 6600 since as the bulls continue to push on. The S&P hasn't really pulled away from 3700 but if it does then 3735 needs to break as we have the 2h coral here, and is the line we dropped off yesterday at 3740. Bulls have defended the 3695 level overnight in a good sign that there is likely to be more upside coming.
There is initial resistance at 6678 today where we have R1 and also this is just below Monday's high of 6680, as such we could well see a reaction here as some recent profits are banked and we get a slide down to the daily pivot level at 6596. A break of 6680 though and we should be on course for a rise to the top of the Raff channels, both of which are at the 6750 level. Should we get this high today then a short here is worth a go. I haven't put that in the plan though as I am not sure we will get that high today. Bear it in mind though as may do a live trade from here.
For the bears then they will be looking to break below the 6596 level as that then leads to the cluster of supports that are around the 6550 level. We have the 2h coral at 6557 as well and should we see this area then I am expecting a bounce here. 6543 is also S1 and we also have the 200ema at 6570, along with the fib at 6555 - so quite a few decent supports showing around this area.
If the S&P were to push on today then I am expecting the FTSE 100 to follow suit, its certainly been holding up well so far this year, outperforming its peers currently.
So, expecting a dip and rise really to play out today and the longer timeframes remain bullish still. 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 6th January 2021

In the U.S., two Georgia runoff races will determine control of the Senate and the fate of President-elect Joe Biden’s agenda. They were too close to call from early results, and because of the high number of absentee ballots, there’s a chance the winners won’t be determined for days. However, Democrat Raphael Warnock edged ahead of incumbent Senator Kelly Loeffler in one of Georgia’s two Senate runoffs on Tuesday, lifting the party’s hopes for retaking the chamber from the GOP even as the two races remained too close to call. Warnock declared victory even as media organizations delayed calling the close race and Loeffler refused to concede.

Boris Johnson has said that 1.3m people in the UK - including 1.1m in England - have now received the coronavirus vaccine. He said that includes 650,000 people over the age of 80, which was 23pc of all the over 80s in England.

Saudi Arabia has pledged to cut one million barrels of oil production per day for the next two months, in expectation that coronavirus lockdowns will hamper demand. The surprise decision came after two days of talks via video conference among Opec+ producers, and sent crude oil futures shooting up as much as 5pc to $50 a barrel in New York for the first time since February as traders prepared for a much tighter market than had been expected.

Britain is on course to borrow a record £450bn this year after Boris Johnson plunged the country back into a national lockdown, economists have warned. The latest Covid shutdown looks set to shatter the Office for Budget Responsibility’s £394bn borrowing forecast for the current financial year, made just six weeks ago. It will raise fresh fears that future generations will be saddled with a massive burden of state debt.

Change of Mind
The New York Stock Exchange is reconsidering its decision to halt the delisting of three major Chinese telecommunications firms after Treasury Secretary Steven Mnuchin told the Big Board he opposed its shock announcement to grant the companies a reprieve, said three people familiar with the matter. NYSE’s announcement that it wouldn’t remove China Mobile, China Telecom and China Unicom Hong Kong after all, caught some officials at the White House, Treasury and State departments off guard. It also sowed confusion among the regulators who had helped craft the order signed by President Donald Trump in November that requires American investors to unload Chinese businesses deemed as posing a threat to U.S. national security.[Bloomberg]

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US & Asia Overnight from Bloomberg

Treasuries declined with U.S. equity futures Wednesday amid concerns about the implications of a potential Democrat victory in a tight Senate race in Georgia. Asian stocks were mixed.

The yield on 10-year Treasuries rose past 1% for the first time since March and S&P 500 contracts retreated. Nasdaq 100 futures tumbled more than 1%. Democrat Raphael Warnock edged ahead of incumbent Senator Kelly Loeffler in one of the two Senate runoffs, lifting the party’s hopes for retaking the chamber from the GOP even as the two races remained too close to call. Some strategists argue that a Democratic double win would mean additional stimulus, tax hikes and more regulation. The dollar was little changed after touching its lowest since February 2018 against major peers.

Stocks saw a modest advance in Japan, while South Korea’s Kospi index topped the 3,000 level for the first time before paring gains. Australia fell. Shares in Hong Kong fluctuated amid sweeping arrests under a national security law. Chinese equities traded around a 13-year high, shrugging off concerns after President Donald Trump signed an order banning U.S. transactions with eight digital Chinese payment platforms including Ant Group Co.’s Alipay.

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

That was a decent rise from the 6518 FTSE 100 level yesterday and we have held above 6600 since as the bulls continue to push on. The S&P hasn't really pulled away from 3700 but if it does then 3735 needs to break as we have the 2h coral here, and is the line we dropped off yesterday at 3740. Bulls have defended the 3695 level overnight in a good sign that there is likely to be more upside coming.

There is initial resistance at 6678 today where we have R1 and also this is just below Monday's high of 6680, as such we could well see a reaction here as some recent profits are banked and we get a slide down to the daily pivot level at 6596. A break of 6680 though and we should be on course for a rise to the top of the Raff channels, both of which are at the 6750 level. Should we get this high today then a short here is worth a go. I haven't put that in the plan though as I am not sure we will get that high today. Bear it in mind though as may do a live trade from here.

For the bears then they will be looking to break below the 6596 level as that then leads to the cluster of supports that are around the 6550 level. We have the 2h coral at 6557 as well and should we see this area then I am expecting a bounce here. 6543 is also S1 and we also have the 200ema at 6570, along with the fib at 6555 - so quite a few decent supports showing around this area.

If the S&P were to push on today then I am expecting the FTSE 100 to follow suit, its certainly been holding up well so far this year, outperforming its peers currently.

So, expecting a dip and rise really to play out today and the longer timeframes remain bullish still. 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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