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Can the SPX bulls break 4130 | 6935 6960 resistance | 6870 6855 6843 support

#1 · 13th April 2021, 9:10 am

Quote from Nick on 13th April 2021, 9:10 am
FTSE 100 live outlook prediction analysis for 13th April 2021
The partial reopening of the economy did little to boost London’s stocks on Monday as markets remained firmly in the red throughout trading. The benchmark FTSE 100 shed 26.63 points to 6889.12, underperforming European counterparts as it was pulled into the red by retailers including B&Q owner Kingfisher and Next. The pair dropped 9.2p to 334.7p and 196p to £81 respectively.

It came despite queues of customers outside non-essential retailers that were allowed to reopen for the first time since the beginning of January, in the first step out of lockdown under Boris Johnson’s roadmap.
Among other blue-chip retailers also closing lower was B&M, which lost 11.6p to 535.6p and Associated British Foods, which fell 21p to £24.63. Earlier this month shares in the Primark parent had hit the highest level since February 2020. JD Sports also shed 3.4p to 913.60p.
The domestically focused FTSE 250, meanwhile, fell by 97.71 points to 22,153.55. In a similar fashion, shares of mid-cap companies likely to benefit from reopening also ranked among the worst performers. Meanwhile weaker gold and copper prices put pressure on some of the UK’s largest listed miners, including blue chips Anglo American and Antofagasta.
Yellen on the Yuan
China will not be named as a currency manipulator in Janet Yellen's first semiannual foreign-exchange report, according to people familiar with the matter. The report is due on Thursday. The move allows the U.S. — which was accused of politicizing the report in the Trump era — to sidestep a fresh clash with Beijing. The offshore yuan extended its intraday gain slightly, strengthening around 0.2% to around 6.5462 per dollar.
Earnings Ahead
Asian equities looked poised for a steady start Tuesday with U.S. stocks near record highs as investors eye the start of the corporate earnings season and relatively smooth sales of government debt. Futures were little changed in Japan and pointed higher in Hong Kong and Australia. The S&P 500 closed a touch lower after notching three straight weeks of gains. Bond yields rose only slightly as the U.S. Treasury’s auctions of three- and 10-year notes attracted decent demand. Oil and the dollar were little changed.[Bloomberg]
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US & Asia Overnight from Bloomberg
Most Asian equities rose Tuesday after U.S. stocks closed around record highs as investors eye the start of the corporate earnings season and relatively smooth sales of government debt.
Shares advanced in Hong Kong and Japan, but fluctuated in China as export growth missed forecasts in March. U.S. equity futures were steady following a slight pullback in the S&P 500 Index after three straight weeks of gains. Tech shares weakened, led by Intel Corp. as Nvidia Corp. homed in on its microprocessors market.
The cost of insuring Asia’s investment-grade bonds rose after a record spike in yields on the debt of state-owned enterprise China Huarong Asset Management Co.
U.S. bond yields and the dollar ticked up. The Treasury’s sales of three- and 10-year notes attracted decent demand, and the focus turns to Tuesday’s 30-year auction.
A positive outlook for U.S. growth should help corporate earnings, though stocks look precarious around record highs given spikes in Covid-19 cases and troubled vaccine rollouts in parts of the world. While concerns about higher borrowing costs have eased on central banks’ assurances that interest rates will remain low, investors are still alert to the risk of rebounding inflation. U.S. consumer prices data are due Tuesday.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The S&P is consolidating a bit around the 4130 area and possibly coiling before another leg up towards the R3 level for today at 4156. It is also currently at the bottom of the 10 day Raff channel so if we do get a dip down towards the S3, fib level, and 200ema at 4097 we may well see that hold. Has a bit of a bear Tuesday feeling though!
For the FTSE 100, the bears managed to dip it below the 6870 support level yesterday but the bulls then fought back and we have remained steady overnight at the 6890 level. The 2 hour chart remains bearish though with resistance at the 6944 level currently, and as such we get a rally to this area we may well see the climb stall again. A lower high would also be put in here and we could see some more bearish action.
If they do break 6944 then 6960 is the next level of note, with 7000 above that. R3 is at 7030 for today but I am not expecting that high today, as I think we may well see a bit of a bearish reaction at the 6945 level if we get there.
For the bears, they will be looking to break below that 6955 level that held yesterday, and we have S1 here to start with. 6843 is also the key fib for today. Below this though and then we may well start to see the bears get stronger after having a right mauling from the bulls recently, and a slide down to 6790 where we have the 25ema on the daily may well play out. That also brings the bottom of the 20d Raff into play, with support from that at the 6750 level, and also coinciding with the daily coral line.
The S&P remains in charge though really, and another leg up on that towards the 4156 would play out well and should take the FTSE with it towards that 6950 resistance. 7000 remains elusive for the moment though!
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 13th April 2021

The partial reopening of the economy did little to boost London’s stocks on Monday as markets remained firmly in the red throughout trading. The benchmark FTSE 100 shed 26.63 points to 6889.12, underperforming European counterparts as it was pulled into the red by retailers including B&Q owner Kingfisher and Next. The pair dropped 9.2p to 334.7p and 196p to £81 respectively.

It came despite queues of customers outside non-essential retailers that were allowed to reopen for the first time since the beginning of January, in the first step out of lockdown under Boris Johnson’s roadmap.

Among other blue-chip retailers also closing lower was B&M, which lost 11.6p to 535.6p and Associated British Foods, which fell 21p to £24.63. Earlier this month shares in the Primark parent had hit the highest level since February 2020. JD Sports also shed 3.4p to 913.60p.

The domestically focused FTSE 250, meanwhile, fell by 97.71 points to 22,153.55. In a similar fashion, shares of mid-cap companies likely to benefit from reopening also ranked among the worst performers. Meanwhile weaker gold and copper prices put pressure on some of the UK’s largest listed miners, including blue chips Anglo American and Antofagasta.

Yellen on the Yuan

China will not be named as a currency manipulator in Janet Yellen's first semiannual foreign-exchange report, according to people familiar with the matter. The report is due on Thursday. The move allows the U.S. — which was accused of politicizing the report in the Trump era — to sidestep a fresh clash with Beijing. The offshore yuan extended its intraday gain slightly, strengthening around 0.2% to around 6.5462 per dollar.

Earnings Ahead

Asian equities looked poised for a steady start Tuesday with U.S. stocks near record highs as investors eye the start of the corporate earnings season and relatively smooth sales of government debt. Futures were little changed in Japan and pointed higher in Hong Kong and Australia. The S&P 500 closed a touch lower after notching three straight weeks of gains. Bond yields rose only slightly as the U.S. Treasury’s auctions of three- and 10-year notes attracted decent demand. Oil and the dollar were little changed.[Bloomberg]

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US & Asia Overnight from Bloomberg

Most Asian equities rose Tuesday after U.S. stocks closed around record highs as investors eye the start of the corporate earnings season and relatively smooth sales of government debt.

Shares advanced in Hong Kong and Japan, but fluctuated in China as export growth missed forecasts in March. U.S. equity futures were steady following a slight pullback in the S&P 500 Index after three straight weeks of gains. Tech shares weakened, led by Intel Corp. as Nvidia Corp. homed in on its microprocessors market.

The cost of insuring Asia’s investment-grade bonds rose after a record spike in yields on the debt of state-owned enterprise China Huarong Asset Management Co.

U.S. bond yields and the dollar ticked up. The Treasury’s sales of three- and 10-year notes attracted decent demand, and the focus turns to Tuesday’s 30-year auction.

A positive outlook for U.S. growth should help corporate earnings, though stocks look precarious around record highs given spikes in Covid-19 cases and troubled vaccine rollouts in parts of the world. While concerns about higher borrowing costs have eased on central banks’ assurances that interest rates will remain low, investors are still alert to the risk of rebounding inflation. U.S. consumer prices data are due Tuesday.

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

The S&P is consolidating a bit around the 4130 area and possibly coiling before another leg up towards the R3 level for today at 4156. It is also currently at the bottom of the 10 day Raff channel so if we do get a dip down towards the S3, fib level, and 200ema at 4097 we may well see that hold. Has a bit of a bear Tuesday feeling though!

For the FTSE 100, the bears managed to dip it below the 6870 support level yesterday but the bulls then fought back and we have remained steady overnight at the 6890 level. The 2 hour chart remains bearish though with resistance at the 6944 level currently, and as such we get a rally to this area we may well see the climb stall again. A lower high would also be put in here and we could see some more bearish action.

If they do break 6944 then 6960 is the next level of note, with 7000 above that. R3 is at 7030 for today but I am not expecting that high today, as I think we may well see a bit of a bearish reaction at the 6945 level if we get there.

For the bears, they will be looking to break below that 6955 level that held yesterday, and we have S1 here to start with. 6843 is also the key fib for today. Below this though and then we may well start to see the bears get stronger after having a right mauling from the bulls recently, and a slide down to 6790 where we have the 25ema on the daily may well play out. That also brings the bottom of the 20d Raff into play, with support from that at the 6750 level, and also coinciding with the daily coral line.

The S&P remains in charge though really, and another leg up on that towards the 4156 would play out well and should take the FTSE with it towards that 6950 resistance. 7000 remains elusive for the moment though!

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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