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Bulls will be keen to break 7530 but resistance at 7555 then 7630 | 7490 support | Trading help and support

#1 · 2nd July 2019, 11:34 am

Quote from Nick on 2nd July 2019, 11:34 am
2nd July 2019
US stocks have surged to a fresh record high as relief swept global markets after the US and China agreed to reboot trade talks. Donald Trump and China's Xi Jinping reached a truce in the trade war on Saturday that will stop US tariffs hitting $300bn of Chinese goods and ease restrictions on mobile phone giant Huawei. Beijing will buy more agricultural products from the US in return.
Mr Trump said the talks were "back on track" but insisted he is "in no hurry" to strike a deal. "The quality of the transaction is far more important to me than speed," he said.
The S&P 500, the benchmark US stock index, leapt as much as 1.2pc to hit an all-time intraday high of 2,977.93 points as tech stocks were lifted by the reprieve for Huawei.
Eurozone blue-chip stocks flirted with their highest level in 11 months, as mining and oil stocks led the FTSE 100 71.87 points higher to 7,497.50 following a jump in commodity prices.
Chaos in Hong Kong
A group of Hong Kong protesters occupied and ransacked the city’s legislative chamber on Monday in an escalation of demonstrations against the China-appointed government. The city’s leader, Carrie Lam, condemned the “use of extreme violence,” then promised without specifics to govern in a more inclusive way. Riot police fired tear gas after demonstrators smashed their way into and then vandalized the city's Legislative Council. A peaceful march earlier drew hundreds of thousands of people.
Asian Markets
Asian stocks are set for a mixed open after optimism over the U.S.-China trade truce was offset by concerns over slowing economic growth. Futures slipped in Japan and rose in Australia after U.S. stocks pared gains from record highs. Presidents Trump and Xi's G-20 trade truce lifted U.S. stocks but weak American manufacturing data cut the gains. Treasuries fell, with 10-year yields up two basis points. The dollar rose against every G-10 counterpart, with the Swiss franc and Aussie leading declines. Gold dropped almost 2% amid general risk-on sentiment.
Oil’s Bounce, OPEC’s Deal
Oil closed higher in a roller-coaster trading session, as an OPEC deal to extend output curbs outweighed troubling economic data. Ministers meeting in Vienna agreed to prolong supply cuts by another nine months, delegates familiar said. The decision still needs to be ratified by non-OPEC allies on Tuesday, but Russia has already approved. The cartel also reached a compromise on a charter for long-term cooperation with non-members.

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FTSE 100 Trading Signals, Forecast and Prediction
We got a decent reaction in the end at the 7530 level yesterday for our short, and overnight it has held the 7490 level and risen back to retest that level. If it tests it again in theory thats the third test so might well break though and the next level of resistance is around the 7555 to 7561 area. We have a key fib and also R2 here, though if the bulls were to break above the 7561 level then we will likely be on a path towards the 7630 resistance on the daily.
[caption id="attachment_14913" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
I wouldn't be surprised if we get a bit of a dip back down today, and the bears will be keen to break the 7490 level that has held as support so far. We still have the gap at 7450 from Friday and I am expecting that to be seen at some point. Gold looks like it might be poised for another leg higher soon, having shaken out a few on this dip back below $1400, which may tally with a modest dip on the indices as well. Cable remains bearish, and as that drops it is helping the FTSE 100 to rise.
The Asian markets were mixed Tuesday, and the ASX200 dropped off towards the end of their session - a pattern that we may see pan out for us today. As such, then I am thinking that if the bears can defend the 7560 level we may see a dip down from there. US markets are closed Thursday for Independence Day, so we may see a bit of a slow down in activity tomorrow as well. The S&P held that 2953 support area yesterday evening as well and climbed back nicely off it, the bulls will be keen to break above the 2974 level today if they can. If not then we may well see some profit taking at this level.
Support wise, we have the pivot initially at 7496 and then 7450 below this. If it gets really bearish then 7436 (and rising) is the 2 hour coral and a long here looks to be worth a go - so around 7440ish.
If the bulls were to break above 7630 then the top of the 20 day Raff at 7666 is the next level of note. That said I think we may well see some levelling off and profit taking ahead of Thursday.
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Membership
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.
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2nd July 2019

US stocks have surged to a fresh record high as relief swept global markets after the US and China agreed to reboot trade talks. Donald Trump and China's Xi Jinping reached a truce in the trade war on Saturday that will stop US tariffs hitting $300bn of Chinese goods and ease restrictions on mobile phone giant Huawei. Beijing will buy more agricultural products from the US in return.

Mr Trump said the talks were "back on track" but insisted he is "in no hurry" to strike a deal. "The quality of the transaction is far more important to me than speed," he said.

The S&P 500, the benchmark US stock index, leapt as much as 1.2pc to hit an all-time intraday high of 2,977.93 points as tech stocks were lifted by the reprieve for Huawei.

Eurozone blue-chip stocks flirted with their highest level in 11 months, as mining and oil stocks led the FTSE 100 71.87 points higher to 7,497.50 following a jump in commodity prices.

Chaos in Hong Kong

A group of Hong Kong protesters occupied and ransacked the city’s legislative chamber on Monday in an escalation of demonstrations against the China-appointed government. The city’s leader, Carrie Lam, condemned the “use of extreme violence,” then promised without specifics to govern in a more inclusive way. Riot police fired tear gas after demonstrators smashed their way into and then vandalized the city's Legislative Council. A peaceful march earlier drew hundreds of thousands of people.

Asian Markets

Asian stocks are set for a mixed open after optimism over the U.S.-China trade truce was offset by concerns over slowing economic growth. Futures slipped in Japan and rose in Australia after U.S. stocks pared gains from record highs. Presidents Trump and Xi's G-20 trade truce lifted U.S. stocks but weak American manufacturing data cut the gains. Treasuries fell, with 10-year yields up two basis points. The dollar rose against every G-10 counterpart, with the Swiss franc and Aussie leading declines. Gold dropped almost 2% amid general risk-on sentiment.

Oil’s Bounce, OPEC’s Deal

Oil closed higher in a roller-coaster trading session, as an OPEC deal to extend output curbs outweighed troubling economic data. Ministers meeting in Vienna agreed to prolong supply cuts by another nine months, delegates familiar said. The decision still needs to be ratified by non-OPEC allies on Tuesday, but Russia has already approved. The cartel also reached a compromise on a charter for long-term cooperation with non-members.

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FTSE 100 Trading Signals, Forecast and Prediction

We got a decent reaction in the end at the 7530 level yesterday for our short, and overnight it has held the 7490 level and risen back to retest that level. If it tests it again in theory thats the third test so might well break though and the next level of resistance is around the 7555 to 7561 area. We have a key fib and also R2 here, though if the bulls were to break above the 7561 level then we will likely be on a path towards the 7630 resistance on the daily.

[caption id="attachment_14913" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

I wouldn't be surprised if we get a bit of a dip back down today, and the bears will be keen to break the 7490 level that has held as support so far. We still have the gap at 7450 from Friday and I am expecting that to be seen at some point. Gold looks like it might be poised for another leg higher soon, having shaken out a few on this dip back below $1400, which may tally with a modest dip on the indices as well. Cable remains bearish, and as that drops it is helping the FTSE 100 to rise.

The Asian markets were mixed Tuesday, and the ASX200 dropped off towards the end of their session - a pattern that we may see pan out for us today. As such, then I am thinking that if the bears can defend the 7560 level we may see a dip down from there. US markets are closed Thursday for Independence Day, so we may see a bit of a slow down in activity tomorrow as well. The S&P held that 2953 support area yesterday evening as well and climbed back nicely off it, the bulls will be keen to break above the 2974 level today if they can. If not then we may well see some profit taking at this level.

Support wise, we have the pivot initially at 7496 and then 7450 below this. If it gets really bearish then 7436 (and rising) is the 2 hour coral and a long here looks to be worth a go - so around 7440ish.

If the bulls were to break above 7630 then the top of the 20 day Raff at 7666 is the next level of note. That said I think we may well see some levelling off and profit taking ahead of Thursday.

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

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