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Can the bulls build on yesterdays rise | 6590 6650 resistance | 6550 support

#1 · 2nd March 2021, 10:30 am

Quote from Nick on 2nd March 2021, 10:30 am
FTSE 100 live outlook prediction analysis for 2nd March 2021
European stocks bounced back strongly as investors’ nerves settled following last week’s bond-driven panic. The FTSE 100 surged 1.6pc to 6,588.5, broadly in line with a wider recovery across the Continent from Friday’s sharp drop.
Bond yields fell as prices rose across Europe, with central bankers and politicians shrugging off the danger of a looming rise in inflation.

The FTSE 100’s gains were spearheaded by housebuilders, with Taylor Wimpey, Barratt Developments, Persimmon and Berkeley all among the biggest blue-chip risers. The sector was boosted by reports that Rishi Sunak will introduce a guaranteed mortgage scheme to help young people get on the property ladder.
Xi's Tech Revolution
China's Xi Jinping is set to unveil plans for the nation's technological rise, in a bid to be less reliant on the West. Xi wants to to cut dependence for crucial components like computer chips while also making big bets on emerging technologies from hydrogen vehicles to biotech. The push to mobilize trillions of dollars could help China surpass the U.S. as the world’s biggest economy this decade. But Xi's not the only one concentrating on tech. The Biden administration is looking to rally an alliance of nations fighting for an edge in semiconductor fabrication, quantum computing and next-gen networks, in a bid to stand up to China and other “techno-autocracies.”
Markets Open
A global equity rally is set to extend in Asia after investors shook off concerns about the impact of higher bond yields. Benchmark Treasuries retreated. Futures pointed to a stronger open in Japan, Australia and Hong Kong. In a broad-based rally, the S&P 500 notched its biggest advance in almost nine months and the Nasdaq Composite jumped almost 3%. Longer-dated Treasuries resumed their selloff even as shorter-term maturities found support. The dollar dipped against most major peers. Oil declined ahead of a key OPEC+ meeting this week that may return more supply back to the market.[Bloomberg]
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US & Asia Overnight from Bloomberg
Most Asian stocks slipped Tuesday along with U.S. and European equity futures as investors weighed the impact of the recent climb in bond yields and a Chinese official’s warning about asset bubbles. The dollar rose.
Shares in China and Hong Kong led the regional decline. S&P 500 and Nasdaq 100 futures turned lower. China is “very worried” about bubbles in overseas financial markets, China Banking and Insurance Regulatory Commission Chairman Guo Shuqing said at a briefing. Treasury yields were steady.
Guo also said he’s worried about risks in China’s property sector, sparking fresh concerns about further tightening in the world’s second-biggest economy.
Oil retreated to trade just below $60 a barrel ahead of a key OPEC+ meeting this week. Metals including copper, silver and gold slid. In Australia, bond yields rose after the central bank left its asset purchase plan unchanged.
Investors continue to debate whether many markets are over-extended following huge stimulus injections to counter the impact of the pandemic. The prospect of faster inflation as the world economy recovers has led to concerns that monetary policy may have to be tightened sooner than expected. That’s pushed up sovereign bond yields this year.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The FTSE100 wasn't quite as exuberant as the S&P500 yesterday, as we saw some bearishness kicking after the initial new month money move up. Was a great drop off the 6610 level in the end, getting down to the 6550 support level. The bulls have held on overnight, despite the price staying below the 6600 level but the 2h chart has in fact gone bullish for the moment, with support at this 6565 level. I am thinking though that we get a dip and rise as the S&P could well drop back to test its 2 hour support at 3856 before rising again, and that may well replicate on the FTSE100.
Initial resistance for today is at the 6590 level where we have the 200ema and the coral on the 30m chart, and then above that 6645 is the next main level to watch for. We have R1 here and also its a daily resistance line, and also just below the top of the 10 day Raff channel top at 6658. Should we get that bullish today and get to that area then a short here looks to be worth a go.
For support, the initial support is S1 at 6550, and is the level that also held yesterday. Though as mentioned if the S&P bears go for it, then we may well drop down through this level. If we do, then we could see a slide down to the round number 6500, though be mindful of the recent low at 6465, and also S2 just above this at 6486.
The FTSE is bearish to start with, with a bearish set up on the 30m moving averages hence thinking an initial dip will play out from the 6590 area. The ASX200 was also bearish today, following general selling on Asian markets, and has dropped down to its 2h support at 6762 - will be interesting to see if they defend this over the next few hours.
Gold continues its steadily decline, though the bottom of the Raff channels are both lining up around the 1707 level so watch for support there.
Good luck today, generally thinking dip and rise and then a possible dip again, for today. Could be on for a bear Tuesday!
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 2nd March 2021

European stocks bounced back strongly as investors’ nerves settled following last week’s bond-driven panic. The FTSE 100 surged 1.6pc to 6,588.5, broadly in line with a wider recovery across the Continent from Friday’s sharp drop.

Bond yields fell as prices rose across Europe, with central bankers and politicians shrugging off the danger of a looming rise in inflation.

The FTSE 100’s gains were spearheaded by housebuilders, with Taylor Wimpey, Barratt Developments, Persimmon and Berkeley all among the biggest blue-chip risers. The sector was boosted by reports that Rishi Sunak will introduce a guaranteed mortgage scheme to help young people get on the property ladder.

Xi's Tech Revolution

China's Xi Jinping is set to unveil plans for the nation's technological rise, in a bid to be less reliant on the West. Xi wants to to cut dependence for crucial components like computer chips while also making big bets on emerging technologies from hydrogen vehicles to biotech. The push to mobilize trillions of dollars could help China surpass the U.S. as the world’s biggest economy this decade. But Xi's not the only one concentrating on tech. The Biden administration is looking to rally an alliance of nations fighting for an edge in semiconductor fabrication, quantum computing and next-gen networks, in a bid to stand up to China and other “techno-autocracies.”

Markets Open

A global equity rally is set to extend in Asia after investors shook off concerns about the impact of higher bond yields. Benchmark Treasuries retreated. Futures pointed to a stronger open in Japan, Australia and Hong Kong. In a broad-based rally, the S&P 500 notched its biggest advance in almost nine months and the Nasdaq Composite jumped almost 3%. Longer-dated Treasuries resumed their selloff even as shorter-term maturities found support. The dollar dipped against most major peers. Oil declined ahead of a key OPEC+ meeting this week that may return more supply back to the market.[Bloomberg]

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US & Asia Overnight from Bloomberg

Most Asian stocks slipped Tuesday along with U.S. and European equity futures as investors weighed the impact of the recent climb in bond yields and a Chinese official’s warning about asset bubbles. The dollar rose.

Shares in China and Hong Kong led the regional decline. S&P 500 and Nasdaq 100 futures turned lower. China is “very worried” about bubbles in overseas financial markets, China Banking and Insurance Regulatory Commission Chairman Guo Shuqing said at a briefing. Treasury yields were steady.

Guo also said he’s worried about risks in China’s property sector, sparking fresh concerns about further tightening in the world’s second-biggest economy.

Oil retreated to trade just below $60 a barrel ahead of a key OPEC+ meeting this week. Metals including copper, silver and gold slid. In Australia, bond yields rose after the central bank left its asset purchase plan unchanged.

Investors continue to debate whether many markets are over-extended following huge stimulus injections to counter the impact of the pandemic. The prospect of faster inflation as the world economy recovers has led to concerns that monetary policy may have to be tightened sooner than expected. That’s pushed up sovereign bond yields this year.

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

The FTSE100 wasn't quite as exuberant as the S&P500 yesterday, as we saw some bearishness kicking after the initial new month money move up. Was a great drop off the 6610 level in the end, getting down to the 6550 support level. The bulls have held on overnight, despite the price staying below the 6600 level but the 2h chart has in fact gone bullish for the moment, with support at this 6565 level. I am thinking though that we get a dip and rise as the S&P could well drop back to test its 2 hour support at 3856 before rising again, and that may well replicate on the FTSE100.

Initial resistance for today is at the 6590 level where we have the 200ema and the coral on the 30m chart, and then above that 6645 is the next main level to watch for. We have R1 here and also its a daily resistance line, and also just below the top of the 10 day Raff channel top at 6658. Should we get that bullish today and get to that area then a short here looks to be worth a go.

For support, the initial support is S1 at 6550, and is the level that also held yesterday. Though as mentioned if the S&P bears go for it, then we may well drop down through this level. If we do, then we could see a slide down to the round number 6500, though be mindful of the recent low at 6465, and also S2 just above this at 6486.

The FTSE is bearish to start with, with a bearish set up on the 30m moving averages hence thinking an initial dip will play out from the 6590 area. The ASX200 was also bearish today, following general selling on Asian markets, and has dropped down to its 2h support at 6762 - will be interesting to see if they defend this over the next few hours.

Gold continues its steadily decline, though the bottom of the Raff channels are both lining up around the 1707 level so watch for support there.

Good luck today, generally thinking dip and rise and then a possible dip again, for today. Could be on for a bear Tuesday!

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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