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Decent bearish reaction at the 6575 EMA daily resistance | 6555 6570 6600 resistance | 6475 6450 support

#1 · 11th February 2021, 9:48 am

Quote from Nick on 11th February 2021, 9:48 am
FTSE 100 live outlook prediction analysis for 11th February 2021
The FTSE 100 dipped yesterday as European markets followed Wall Street lower, with mining firms providing most of the upwards thrust to the index. Housebuilders performed poorly, with moderate drops across the sector amid caution about the outlook. The FTSE 250 put in a similarly poor performance.

In what was quite a blunt speech, the Bank of England Governor told the European Union that global standards and free trade is the way forward post-Brexit. Andrew Bailey warned the EU risks harming itself if it cuts off the City, in a row over the UK’s right to set its own rules after Brexit.
More than half a million employers are running short of cash and could collapse without further help from the Chancellor, economists have warned.
The businesses employ 9m people, according to the Institute for Public Policy Research, swathes of whom could lose their jobs because Covid restrictions are draining them of income. The furlough scheme and other support packages are due to come to an end over the next two months, forcing firms to make decisions on jobs, given the unknown length of the current lockdown.
Speaking Terms
U.S. President Joe Biden and Chinese President Xi Jinping are preparing to speak, possibly within hours, for the first time since the new administration in Washington took office last month, according to two people familiar with the matter. The conversation between the leaders of the world’s two biggest economies will take place as tensions between them remain high over issues including Hong Kong, trade, the South China Sea and technology. TikTok is still being scrutinized by the Biden administration after it was roped into the political firestorm last year by former President Donald Trump. Meanwhile, Biden said his administration will sanction military leaders in Myanmar linked to this month’s coup.[Bloomberg]
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US & Asia Overnight from Bloomberg
A rally in equities paused Thursday and stock futures in the U.S. and Europe were steady as investors assessed the implications of weaker than expected American inflation data for the so-called reflation trade that bets on a recovery from the pandemic.
S&P 500 contracts fluctuated after the index ended virtually flat near a record high. The 10-year Treasury yield fell back to 1.12% Wednesday after U.S. core consumer prices signaled scant inflation. Cash Treasuries are closed until the London open due to a holiday in Japan. U.S. bond futures edged higher.
Asian stocks were little changed amid low volumes, with China and South Korea markets closed. Hong Kong equities shrugged off a report that Chinese authorities had detained a Tencent Holdings Ltd. executive. The dollar added to losses in the wake of the inflation report. Crude dropped after a spell of gains.
The CPI data are part of a debate in financial markets over the course of inflation. Despite the muted January figure, some investors continue to expect intensifying price pressures in the months ahead as President Joe Biden pushes for major stimulus and more vaccinations allow virus-related restrictions to be eased, spurring consumer spending.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
All had a moment of bearishness yesterday as the S&P dropped just shy of the 3936 resistance level (it managed 3935) and dropped down to the daily support at 3885. Bulls have fought back on that and also the FTSE 100 though, but the FTSE 100 daily chart remains bearish. Was a decent drop after finally testing the 25ema on the daily at 6575 as well, and the bears will want to keep the price below that.
With that drop the FTSE 100 2h chart has gone bearish as you would expect, and we have decent resistance at the 6545 level from the Hull moving average. If this can hold as resistance, along with the S&P getting a bit bearish then we may well start to slide down again.
Initial resistance is at the daily pivot at 6525, and we also have the 30m coral (red) here along with the 30m 200ema, so a decent cluster of resistance levels to start with. As such we may well get an initial drop, as we are nearly at these as I write this, and a retest of the low yesterday at 6480.
Above the 6525 level then as mentioned 6545, then 6569 above that for the daily MA again. Outside chance of testing the 6600 level though the bulls really needed to do that yesterday in an ideal world.
For the bears, a break of 6470 gets things a lot more bearish and and a slide down to the bottom of the Raff channels may well happen. The bottom of the 10 day is at 6390 for today, and whilst I am not expecting the price to get that low, I am thinking that we may well see it get tested before too long, though we will need the daily chart to remain bearish (as it is) and not get a break above the 6570 MA line.
Interestingly, it's only the FTSE 100 daily chart that is bearish.The Dax climbed off its 25ema at 13830 yesterday as that daily chart remains bullish, as does the S&P. On the S&P it will be interesting to see if the 2h resistance holds today at 3936 (if tested) as that looks to be a fairly key area still.
So, bit of a mixed bag for today. Watching the 6550 area then 6570 then 6600 as the main resistance levels on the FTSE, 6470 and 6450 as support. 3936 again for the S&P. 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.
What you get
Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
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FTSE 100 live outlook prediction analysis for 11th February 2021

The FTSE 100 dipped yesterday as European markets followed Wall Street lower, with mining firms providing most of the upwards thrust to the index. Housebuilders performed poorly, with moderate drops across the sector amid caution about the outlook. The FTSE 250 put in a similarly poor performance.

In what was quite a blunt speech, the Bank of England Governor told the European Union that global standards and free trade is the way forward post-Brexit. Andrew Bailey warned the EU risks harming itself if it cuts off the City, in a row over the UK’s right to set its own rules after Brexit.

More than half a million employers are running short of cash and could collapse without further help from the Chancellor, economists have warned.
The businesses employ 9m people, according to the Institute for Public Policy Research, swathes of whom could lose their jobs because Covid restrictions are draining them of income. The furlough scheme and other support packages are due to come to an end over the next two months, forcing firms to make decisions on jobs, given the unknown length of the current lockdown.

Speaking Terms

U.S. President Joe Biden and Chinese President Xi Jinping are preparing to speak, possibly within hours, for the first time since the new administration in Washington took office last month, according to two people familiar with the matter. The conversation between the leaders of the world’s two biggest economies will take place as tensions between them remain high over issues including Hong Kong, trade, the South China Sea and technology. TikTok is still being scrutinized by the Biden administration after it was roped into the political firestorm last year by former President Donald Trump. Meanwhile, Biden said his administration will sanction military leaders in Myanmar linked to this month’s coup.[Bloomberg]

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US & Asia Overnight from Bloomberg

A rally in equities paused Thursday and stock futures in the U.S. and Europe were steady as investors assessed the implications of weaker than expected American inflation data for the so-called reflation trade that bets on a recovery from the pandemic.

S&P 500 contracts fluctuated after the index ended virtually flat near a record high. The 10-year Treasury yield fell back to 1.12% Wednesday after U.S. core consumer prices signaled scant inflation. Cash Treasuries are closed until the London open due to a holiday in Japan. U.S. bond futures edged higher.

Asian stocks were little changed amid low volumes, with China and South Korea markets closed. Hong Kong equities shrugged off a report that Chinese authorities had detained a Tencent Holdings Ltd. executive. The dollar added to losses in the wake of the inflation report. Crude dropped after a spell of gains.

The CPI data are part of a debate in financial markets over the course of inflation. Despite the muted January figure, some investors continue to expect intensifying price pressures in the months ahead as President Joe Biden pushes for major stimulus and more vaccinations allow virus-related restrictions to be eased, spurring consumer spending.

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

All had a moment of bearishness yesterday as the S&P dropped just shy of the 3936 resistance level (it managed 3935) and dropped down to the daily support at 3885. Bulls have fought back on that and also the FTSE 100 though, but the FTSE 100 daily chart remains bearish. Was a decent drop after finally testing the 25ema on the daily at 6575 as well, and the bears will want to keep the price below that.

With that drop the FTSE 100 2h chart has gone bearish as you would expect, and we have decent resistance at the 6545 level from the Hull moving average. If this can hold as resistance, along with the S&P getting a bit bearish then we may well start to slide down again.

Initial resistance is at the daily pivot at 6525, and we also have the 30m coral (red) here along with the 30m 200ema, so a decent cluster of resistance levels to start with. As such we may well get an initial drop, as we are nearly at these as I write this, and a retest of the low yesterday at 6480.

Above the 6525 level then as mentioned 6545, then 6569 above that for the daily MA again. Outside chance of testing the 6600 level though the bulls really needed to do that yesterday in an ideal world.

For the bears, a break of 6470 gets things a lot more bearish and and a slide down to the bottom of the Raff channels may well happen. The bottom of the 10 day is at 6390 for today, and whilst I am not expecting the price to get that low, I am thinking that we may well see it get tested before too long, though we will need the daily chart to remain bearish (as it is) and not get a break above the 6570 MA line.

Interestingly, it's only the FTSE 100 daily chart that is bearish.The Dax climbed off its 25ema at 13830 yesterday as that daily chart remains bullish, as does the S&P. On the S&P it will be interesting to see if the 2h resistance holds today at 3936 (if tested) as that looks to be a fairly key area still.

So, bit of a mixed bag for today. Watching the 6550 area then 6570 then 6600 as the main resistance levels on the FTSE, 6470 and 6450 as support. 3936 again for the S&P. 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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