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Can the bulls defend 7750 today? US Inflation data Wednesday | 7810 7850 resistance

#1 · 9th May 2023, 9:11 am

Quote from Nick on 9th May 2023, 9:11 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 9th May 2023
An index of Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, although mainland Chinese shares and Japanese equities bucked the trend.
The dollar ticked higher against major peers as U.S. yields remained elevated amid increased confidence that the banking sector is not headed for a wider crisis.
U.S. S&P 500 E-mini futures signaled a slight decline at the reopen after the equity benchmark ended little changed on Monday.
Investors are keenly focused on Wednesday’s U.S. consumer inflation report after Federal Reserve chair Jerome Powell said last week that policy decisions will be “driven by incoming data,” while signaling a likely pause in the rate hiking cycle.
First day back after the extended weekend again, and the FTSE100 holding well around the 7800 level. The ASX200 had a dip and rise play out and we may well do the same, though we have initial support at 7790 to start with, for a test of the 30m 200ema. A drop down to the 7750 area may well play out though so be ready for that, and we have decent 2h support here.
If that level holds then it could well set up a bounce towards the 7850 level, where we have R3 and the top of the 10d Raff channel. As such we could then see the bears have a go here too.
Below the 7750 level then the bears would be aiming for the 7691 daily support level but I am not expecting that today. We may well have a slightly flat day again today, especially if the US remains in charge ahead of tomorrow's inflation data.
Above the 7850 level then the bulls will be looking towards 7900+ again. The daily chart even shows a possible break of the 8050 recent high at some point soon, with 8200 area flagging up!
So, not too much to say today, a positive 2h chart should see a dip and rise play out and I am keeping a watch for that 7750 level and a decent reaction.
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 9th May 2023

An index of Asian stocks eased back from more than two-week highs on Tuesday as traders squared positions heading into a key U.S. inflation report, although mainland Chinese shares and Japanese equities bucked the trend.

The dollar ticked higher against major peers as U.S. yields remained elevated amid increased confidence that the banking sector is not headed for a wider crisis.

U.S. S&P 500 E-mini futures signaled a slight decline at the reopen after the equity benchmark ended little changed on Monday.

Investors are keenly focused on Wednesday’s U.S. consumer inflation report after Federal Reserve chair Jerome Powell said last week that policy decisions will be “driven by incoming data,” while signaling a likely pause in the rate hiking cycle.

First day back after the extended weekend again, and the FTSE100 holding well around the 7800 level. The ASX200 had a dip and rise play out and we may well do the same, though we have initial support at 7790 to start with, for a test of the 30m 200ema. A drop down to the 7750 area may well play out though so be ready for that, and we have decent 2h support here.

If that level holds then it could well set up a bounce towards the 7850 level, where we have R3 and the top of the 10d Raff channel. As such we could then see the bears have a go here too.

Below the 7750 level then the bears would be aiming for the 7691 daily support level but I am not expecting that today. We may well have a slightly flat day again today, especially if the US remains in charge ahead of tomorrow's inflation data.

Above the 7850 level then the bulls will be looking towards 7900+ again. The daily chart even shows a possible break of the 8050 recent high at some point soon, with 8200 area flagging up!

So, not too much to say today, a positive 2h chart should see a dip and rise play out and I am keeping a watch for that 7750 level and a decent reaction.

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 FTSE100, 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 FTSE100, DAX40, Gold and S&P500.
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