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Dip and rise ahead of the Fed policy decision | 7237 7218 support | 7298 7315 7335 resistance

#1 · 3rd November 2021, 11:11 am

Quote from Nick on 3rd November 2021, 11:11 am
FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
The FTSE100 continued the slide from 7300 setting a low of 7240 yesterday before regaining some ground. We have the Federal Reserve policy decision later which will likely see the S&P500 consolidation continue ahead of that. Though it does still continue to slowly drift higher!
Most Asian stocks slipped Wednesday amid a warning about China’s growth outlook and as traders braced for the Federal Reserve policy decision. Oil fell with the U.S. pressuring OPEC+ to boost supplies. Shares were lower in Hong Kong and China in the wake of Premier Li Keqiang’s warning that the world’s second-largest economy faces new downward pressures. The nation is also grappling with its most widespread coronavirus outbreak since the pathogen emerged in Wuhan in 2019.
An iron-ore rebound bolstered commodity-reliant Australia. Japan was shut for a holiday. S&P 500, Nasdaq 100 and European futures edged down following fresh peaks for U.S. shares. Wall Street has been buoyed by the resilience of company profits to rising costs from supply chain and labor disruptions.
France's CAC 40 Index posted its first record close since the dot-com boom as demand for its luxury goods and banking stocks rebounded. The index rose 0.5pc to 6,927 in Paris on Tuesday, surpassing a peak set in September 2000.
Supply Chain Crisis
The supply chain crisis sweeping the world risks taking down the global economy, just after things got moving again post-Covid. New indicators underscore the extremity of the problem, the world’s failure to find a quick fix, and how in some regions the Big Crunch of 2021 is getting even worse. In the U.S. the Fed is confronting the most widespread shortages since the 1970s.
FTSE 100 live outlook prediction analysis for 3rd November 2021
A bit weaker yesterday with the bears taking it below the 7260 support to a low of 7240 before the bulls regained some ground. 7300 remains the line in the sand for the moment and with R1 at 7298 the bulls will want to push past that. Doing so opens up a test of the 7315 key fib level and possibly as high as R2 at 7335 later on. To get that high we may well need a helping hand from the S&P and the Fed policy news later.
The S&P500 managed to push above the 4625 level and has actually held on well overnight so remains viable for a push up towards the 4650 or higher level in the near term. The bulls will want to defend any dips and should we get down to the 200ema at the 4603 level (and just below S1) then we may well see a decent bounce here. 4609 is also the 2h coral (green) but not the first test so not as strong, hence a possible overshoot to the lower supports.
The Dax looks like a dip down to the pivot at 15895 and then a bounce may well play out this morning, and that also has decent 2h support at 15863 and then 15785 - worth keeping an eye on all 3 of these levels for reactions. Key resistance is at 16011 where we have the key fib level and being just above the round number the bulls will be keen to get past that. Can they though?
Back to the FTSE100 and the major support is at the 7237 level with S1 here and around yesterdays low that held well. Below that the key fib is at the 7217 level and just above the daily support at 7210 though this isn't as strong now following the break down to 7188 on Friday. The 2h chart has gone bearish after our Bear Tuesday yesterday and as such the bulls will need to break above the 7272 level and make it stick as we have the Hull MA resistance here.
The Raff channels continue to head up, and the bottom of the 10 day is at 7213 so again, any drop to this area is worth a long. The 20d channel is a bit lower at 7162 but not expecting a test of that today.
So generally thinking a dip and rise to play out initially once a bit of buy the rumour kicks in later. Don't forget that the Fed news will be at 6pm following our clock change at the weekend.
Good luck today.
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FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

The FTSE100 continued the slide from 7300 setting a low of 7240 yesterday before regaining some ground. We have the Federal Reserve policy decision later which will likely see the S&P500 consolidation continue ahead of that. Though it does still continue to slowly drift higher!

Most Asian stocks slipped Wednesday amid a warning about China’s growth outlook and as traders braced for the Federal Reserve policy decision. Oil fell with the U.S. pressuring OPEC+ to boost supplies. Shares were lower in Hong Kong and China in the wake of Premier Li Keqiang’s warning that the world’s second-largest economy faces new downward pressures. The nation is also grappling with its most widespread coronavirus outbreak since the pathogen emerged in Wuhan in 2019.

An iron-ore rebound bolstered commodity-reliant Australia. Japan was shut for a holiday. S&P 500, Nasdaq 100 and European futures edged down following fresh peaks for U.S. shares. Wall Street has been buoyed by the resilience of company profits to rising costs from supply chain and labor disruptions.

France's CAC 40 Index posted its first record close since the dot-com boom as demand for its luxury goods and banking stocks rebounded. The index rose 0.5pc to 6,927 in Paris on Tuesday, surpassing a peak set in September 2000.

Supply Chain Crisis
The supply chain crisis sweeping the world risks taking down the global economy, just after things got moving again post-Covid. New indicators underscore the extremity of the problem, the world’s failure to find a quick fix, and how in some regions the Big Crunch of 2021 is getting even worse. In the U.S. the Fed is confronting the most widespread shortages since the 1970s.

FTSE 100 live outlook prediction analysis for 3rd November 2021

A bit weaker yesterday with the bears taking it below the 7260 support to a low of 7240 before the bulls regained some ground. 7300 remains the line in the sand for the moment and with R1 at 7298 the bulls will want to push past that. Doing so opens up a test of the 7315 key fib level and possibly as high as R2 at 7335 later on. To get that high we may well need a helping hand from the S&P and the Fed policy news later.

The S&P500 managed to push above the 4625 level and has actually held on well overnight so remains viable for a push up towards the 4650 or higher level in the near term. The bulls will want to defend any dips and should we get down to the 200ema at the 4603 level (and just below S1) then we may well see a decent bounce here. 4609 is also the 2h coral (green) but not the first test so not as strong, hence a possible overshoot to the lower supports.

The Dax looks like a dip down to the pivot at 15895 and then a bounce may well play out this morning, and that also has decent 2h support at 15863 and then 15785 - worth keeping an eye on all 3 of these levels for reactions. Key resistance is at 16011 where we have the key fib level and being just above the round number the bulls will be keen to get past that. Can they though?

Back to the FTSE100 and the major support is at the 7237 level with S1 here and around yesterdays low that held well. Below that the key fib is at the 7217 level and just above the daily support at 7210 though this isn't as strong now following the break down to 7188 on Friday. The 2h chart has gone bearish after our Bear Tuesday yesterday and as such the bulls will need to break above the 7272 level and make it stick as we have the Hull MA resistance here.

The Raff channels continue to head up, and the bottom of the 10 day is at 7213 so again, any drop to this area is worth a long. The 20d channel is a bit lower at 7162 but not expecting a test of that today.

So generally thinking a dip and rise to play out initially once a bit of buy the rumour kicks in later. Don't forget that the Fed news will be at 6pm following our clock change at the weekend.

Good luck today.

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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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