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Can the bulls make 7000 | 6910 6894 870 support | 6960 6988 7010 resistance

#1 · 9th April 2021, 8:48 am

Quote from Nick on 9th April 2021, 8:48 am
FTSE 100 live outlook prediction analysis for 9th April 2021
The FTSE 100 climbed to its highest level since the pandemic hit the UK as the country prepares for the next phase of reopening under the Government’s roadmap plan next week. London’s top flight rose 56.9 points to 6,942.22, its highest level since Feb 26 2020.

Optimism pushed the domestically focused FTSE 250 to another all-time high, following Wednesday’s performance, in spite of ongoing questions over the vaccine rollout and the potential need for vaccine passports. It ticked up 86.97 points 22,247.54.
Sterling, meanwhile, continued its lacklustre start to the week as the UK’s vaccine rollout hit a number of hurdles including issues related to the AstraZeneca vaccine. The pound increased by 0.02pc versus the US dollar to $1.374 and was down 0.27pc against the euro at €1.154.
Steady Stocks
Asia stocks look set for a steady open Friday following a Wall Street rally after comments from Federal Reserve Chair Jerome Powell. Futures pointed higher in Japan and lower in Hong Kong. The S&P 500 notched a record, though volumes on U.S. exchanges hit another low for the year. The Nasdaq 100 outperformed, aided by Apple and Tesla. Energy producers and banks retreated. Treasuries gained, driving the 10-year yield to a two-week low, and the dollar fell.
Powell's Vow
The Fed's Powell pledged to get the U.S. back to a “great economy” and invoked a homeless encampment in downtown Washington to make the point that the recovery remains incomplete. Playing down the risk that inflation could get out of control as the pandemic recedes, Powell told a panel Thursday that his commute home takes him past a “substantial tent city,” and that he thought of the millions of Americans who are still trying to get back to work. “So we just need to keep reminding ourselves that even though some parts of the economy are just doing great, there’s a very large group of people who are not,” he said during the IMF panel. “I really want to finish the job and get back to a great economy.”
Vaccine Drama
AstraZeneca's ongoing vaccine drama risks prolonging the pandemic. The WHO and British and European regulators said that they’d found a possible link between the vaccine and a rare type of blood clots but that the benefits of getting the shot outweigh the risks. Australia is guidingagainst giving AstraZeneca shots to people under the age of 50 amid warnings of clots. China’s ambitious effort to vaccinate 560 million people — 40% of its population — by the end of June is running into a supply shortage. India is attempting to boost its capacity to make vaccines, as new Covid cases surge. Around the world, more than 726 million doses have been administered across 154 countries.[Bloomberg]
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US & Asia Overnight from Bloomberg
Global stocks traded around record levels Friday after a Wall Street rally on Federal Reserve Chairman Jerome Powell’s assurance that the central bank can reinvigorate the economy without stoking painful inflation.
Concerns about price pressures were apparent in China, where data showed the fastest factory inflation since 2018. Sliding Chinese stocks weighed on an Asia-Pacific share gauge. U.S. equity futures climbed, with Nasdaq 100 contracts outperforming, after the S&P 500 notched an all-time high amid low volumes on U.S. exchanges. European equity futures fluctuated.
Powell’s assurance boosted Treasuries, with the benchmark yield around a two-week low. Treasury 20-year bonds led the broader gains after comments from New York Fed Executive Vice President Lorie Logan sparked talk of increased central-bank purchases in this maturity. The dollar held losses, putting its three-week winning streak at risk.
Oil edged up toward $60 a barrel as Saudi Arabia defended the OPEC+ plan to boost output, and said the alliance can change course if needed.
The Fed commentary is reassuring investors of the central bank’s commitment to dovish policy that fosters a sustainable rebound from the health crisis. Powell said policy makers would react if inflation expectations started “moving persistently and materially” above tolerable levels. Despite the strength of some indicators, the recovery remains incomplete, as reflected in the latest unexpectedly high U.S. jobless claims.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Nice steady rise on the FTSE 100 yesterday as the S&P also neared the 4100 level. Today may well see a bit more of a push higher and the 7000 level may well be seen. That said we have R1 and the key fib just below this at 6987 so could well stop any rise just shy (and not trigger all the shorts sat at 6999!). The S&P looks like it could well push up towards the key fib and R2 level at 4125, and has defended the pivot overnight at 4098. We also have the green 2h coral for support at 4097. A rise and dip on markets would play out well today with some profit taking later on ahead of the weekend.
The FTSE 2h chart remains bullish with the Hull moving average support at 6926 for now, but there is also decent support at the S1 level of 6910. The key fib is just below this at the 6894 level, but I am not expecting the bears to be able to take it that low today (though never say never!).
Initial resistance is at the 6945 level this morning and the bulls will be looking to break above this to target the overnight high at 6965. If they can break that then we should see the R1 level.
With the recent strength we are now nearing the top of the Raff channels and the 20 day is at 6993, with the 10 day at 7012 and as such I am expecting a possible dip from this area. The Raffs are usually pretty good and with the RSI levels remaining high we may well see the bulls bank/bears appear here. Dax;ly RSI(10) on the FTSE is at 76, and 72 on the S&P.
Above the 7012 level (we have R2 at 7015 as well so pushing past this on the first attempt may prove tricky) we have the R3 level at 7065 for today, but I am not expecting us to get that high either.
So, looking at the 6965, 6990 and possibly 7010 levels as the main resistance, 6037 6010 as the main supports. Good luck today and have a great weekend.
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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 9th April 2021

The FTSE 100 climbed to its highest level since the pandemic hit the UK as the country prepares for the next phase of reopening under the Government’s roadmap plan next week. London’s top flight rose 56.9 points to 6,942.22, its highest level since Feb 26 2020.

Optimism pushed the domestically focused FTSE 250 to another all-time high, following Wednesday’s performance, in spite of ongoing questions over the vaccine rollout and the potential need for vaccine passports. It ticked up 86.97 points 22,247.54.

Sterling, meanwhile, continued its lacklustre start to the week as the UK’s vaccine rollout hit a number of hurdles including issues related to the AstraZeneca vaccine. The pound increased by 0.02pc versus the US dollar to $1.374 and was down 0.27pc against the euro at €1.154.

Steady Stocks

Asia stocks look set for a steady open Friday following a Wall Street rally after comments from Federal Reserve Chair Jerome Powell. Futures pointed higher in Japan and lower in Hong Kong. The S&P 500 notched a record, though volumes on U.S. exchanges hit another low for the year. The Nasdaq 100 outperformed, aided by Apple and Tesla. Energy producers and banks retreated. Treasuries gained, driving the 10-year yield to a two-week low, and the dollar fell.

Powell's Vow

The Fed's Powell pledged to get the U.S. back to a “great economy” and invoked a homeless encampment in downtown Washington to make the point that the recovery remains incomplete. Playing down the risk that inflation could get out of control as the pandemic recedes, Powell told a panel Thursday that his commute home takes him past a “substantial tent city,” and that he thought of the millions of Americans who are still trying to get back to work. “So we just need to keep reminding ourselves that even though some parts of the economy are just doing great, there’s a very large group of people who are not,” he said during the IMF panel. “I really want to finish the job and get back to a great economy.”

Vaccine Drama

AstraZeneca's ongoing vaccine drama risks prolonging the pandemic. The WHO and British and European regulators said that they’d found a possible link between the vaccine and a rare type of blood clots but that the benefits of getting the shot outweigh the risks. Australia is guidingagainst giving AstraZeneca shots to people under the age of 50 amid warnings of clots. China’s ambitious effort to vaccinate 560 million people — 40% of its population — by the end of June is running into a supply shortage. India is attempting to boost its capacity to make vaccines, as new Covid cases surge. Around the world, more than 726 million doses have been administered across 154 countries.[Bloomberg]

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US & Asia Overnight from Bloomberg

Global stocks traded around record levels Friday after a Wall Street rally on Federal Reserve Chairman Jerome Powell’s assurance that the central bank can reinvigorate the economy without stoking painful inflation.

Concerns about price pressures were apparent in China, where data showed the fastest factory inflation since 2018. Sliding Chinese stocks weighed on an Asia-Pacific share gauge. U.S. equity futures climbed, with Nasdaq 100 contracts outperforming, after the S&P 500 notched an all-time high amid low volumes on U.S. exchanges. European equity futures fluctuated.

Powell’s assurance boosted Treasuries, with the benchmark yield around a two-week low. Treasury 20-year bonds led the broader gains after comments from New York Fed Executive Vice President Lorie Logan sparked talk of increased central-bank purchases in this maturity. The dollar held losses, putting its three-week winning streak at risk.

Oil edged up toward $60 a barrel as Saudi Arabia defended the OPEC+ plan to boost output, and said the alliance can change course if needed.

The Fed commentary is reassuring investors of the central bank’s commitment to dovish policy that fosters a sustainable rebound from the health crisis. Powell said policy makers would react if inflation expectations started “moving persistently and materially” above tolerable levels. Despite the strength of some indicators, the recovery remains incomplete, as reflected in the latest unexpectedly high U.S. jobless claims.

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

Nice steady rise on the FTSE 100 yesterday as the S&P also neared the 4100 level. Today may well see a bit more of a push higher and the 7000 level may well be seen. That said we have R1 and the key fib just below this at 6987 so could well stop any rise just shy (and not trigger all the shorts sat at 6999!). The S&P looks like it could well push up towards the key fib and R2 level at 4125, and has defended the pivot overnight at 4098. We also have the green 2h coral for support at 4097. A rise and dip on markets would play out well today with some profit taking later on ahead of the weekend.

The FTSE 2h chart remains bullish with the Hull moving average support at 6926 for now, but there is also decent support at the S1 level of 6910. The key fib is just below this at the 6894 level, but I am not expecting the bears to be able to take it that low today (though never say never!).

Initial resistance is at the 6945 level this morning and the bulls will be looking to break above this to target the overnight high at 6965. If they can break that then we should see the R1 level.

With the recent strength we are now nearing the top of the Raff channels and the 20 day is at 6993, with the 10 day at 7012 and as such I am expecting a possible dip from this area. The Raffs are usually pretty good and with the RSI levels remaining high we may well see the bulls bank/bears appear here. Dax;ly RSI(10) on the FTSE is at 76, and 72 on the S&P.

Above the 7012 level (we have R2 at 7015 as well so pushing past this on the first attempt may prove tricky) we have the R3 level at 7065 for today, but I am not expecting us to get that high either.

So, looking at the 6965, 6990 and possibly 7010 levels as the main resistance, 6037 6010 as the main supports. Good luck today and have a great weekend.

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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