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Dip and rise today with 5970 5930 5880 support | 6020 6075 resistance | Partial lockdown easing

#1 · 11th May 2020, 9:06 am

Quote from Nick on 11th May 2020, 9:06 am
FTSE 100 live outlook prediction analysis for 11th May 2020
Latest news:
Another 3.2m Americans filed for unemployment benefits last week
Ongoing claims pass 22m
Bank of England keeps rates and asset purchase target unchanged
BoE warns UK economy could shrink 25pc in second quarter
Virus Latest
U.S. virus cases rose 1.8% from a day earlier as fatalities approached 80,000. The increase was below the 2.1% daily average of the past week.
Vice President Mike Pence is self-isolating away from the White House after an aide was diagnosed with coronavirus on Friday, said three people familiar with the situation. Meanwhile, Americans should brace for even more gut-wrenching news on unemployment amid the coronavirus pandemic, and Congress should consider providing more help, said Federal Reserve Bank of Minneapolis President Neel Kashkari . The U.K. outlined plans to restart activity and get people who can’t work at home back on the job. Johnson & Johnson plans to make one billion vaccines by next year, and Regeneron Pharmaceuticals Inc. said hundreds of thousands of antibody treatments could be ready by summer’s end. China locked down a city in the northeast after cases rose. The death toll from the coronavirus in Indonesia neared 1,000, a day after the world’s fourth-most populous country reported a record surge in new cases.
China Stimulus
The People’s Bank of China said the country faces unprecedented economic challenges from the coronavirus pandemic and it will resort to “more powerful” policies to counter the hit to growth. Policy makers will pay more attention to economic growth and jobs among multiple targets, the central bank said in its quarterly monetary policy implementation report , released Sunday. It reiterated that prudent monetary policy will be more flexible and appropriate, and that it will maintain liquidity at a reasonably ample level. The phrase “will avoid excess liquidity flooding the economy” was missing from the policy outlook section. It was in the previous report for the fourth quarter of 2019.[Bloomberg]
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Asian stocks climbed along with U.S. and European equity futures and the yen retreated after a number of countries reported the fewest deaths from the coronavirus since March. Crude oil fell. Futures on the S&P 500 rose after the index gained on Friday even in the wake of a historic surge in American unemployment.
The first day back after the extended weekend and we look to be starting on the front foot. The ASX200 had a decent Monday session and it may well follow that we do too. The bulls will of course be keen to recapture the 6000 level and having managed to bring it back up this far will really go for it. We have some key resistance just above the round number at 6035 and as such we may see a rise falter here, though there is also then daily resistance above this at 6075.
To start with though, we do have R1 at 6019 and also a key fib at 6012 so I am also watching this area to see if we get a reaction.
Initially we may see a dip down to the daily pivot area at 5970, though a break of this will likely see us go for Thursdays closing price at 5935, near where we also have the fib level at 5929. Should we move below this then a retest of the 200ema on the 30min at 5907 would be next up as support. If it were to get really bearish today then the 2 hour coral is green and showing support at 5874, though in light of Boris's press conference yesterday and the slight easing of the lockdown I don't think we will get that bearish. The government are obviously keen to get he economy moving again and some money flowing round the system, while at the same time making sure we don't have a second spike of virus cases.
The longer time frame chart remain bullish for the moment and the S&P500 may well try for the 3000-3030 area, though initially we have resistance today at the 200ema on the daily at 2948. We have dropped off overnight from just above this, as we have R1 at 2954.
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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 11th May 2020

Virus Latest

U.S. virus cases rose 1.8% from a day earlier as fatalities approached 80,000. The increase was below the 2.1% daily average of the past week.
Vice President Mike Pence is self-isolating away from the White House after an aide was diagnosed with coronavirus on Friday, said three people familiar with the situation. Meanwhile, Americans should brace for even more gut-wrenching news on unemployment amid the coronavirus pandemic, and Congress should consider providing more help, said Federal Reserve Bank of Minneapolis President Neel Kashkari . The U.K. outlined plans to restart activity and get people who can’t work at home back on the job. Johnson & Johnson plans to make one billion vaccines by next year, and Regeneron Pharmaceuticals Inc. said hundreds of thousands of antibody treatments could be ready by summer’s end. China locked down a city in the northeast after cases rose. The death toll from the coronavirus in Indonesia neared 1,000, a day after the world’s fourth-most populous country reported a record surge in new cases.

China Stimulus

The People’s Bank of China said the country faces unprecedented economic challenges from the coronavirus pandemic and it will resort to “more powerful” policies to counter the hit to growth. Policy makers will pay more attention to economic growth and jobs among multiple targets, the central bank said in its quarterly monetary policy implementation report , released Sunday. It reiterated that prudent monetary policy will be more flexible and appropriate, and that it will maintain liquidity at a reasonably ample level. The phrase “will avoid excess liquidity flooding the economy” was missing from the policy outlook section. It was in the previous report for the fourth quarter of 2019.[Bloomberg]

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

Asian stocks climbed along with U.S. and European equity futures and the yen retreated after a number of countries reported the fewest deaths from the coronavirus since March. Crude oil fell. Futures on the S&P 500 rose after the index gained on Friday even in the wake of a historic surge in American unemployment.

The first day back after the extended weekend and we look to be starting on the front foot. The ASX200 had a decent Monday session and it may well follow that we do too. The bulls will of course be keen to recapture the 6000 level and having managed to bring it back up this far will really go for it. We have some key resistance just above the round number at 6035 and as such we may see a rise falter here, though there is also then daily resistance above this at 6075.

To start with though, we do have R1 at 6019 and also a key fib at 6012 so I am also watching this area to see if we get a reaction.

Initially we may see a dip down to the daily pivot area at 5970, though a break of this will likely see us go for Thursdays closing price at 5935, near where we also have the fib level at 5929. Should we move below this then a retest of the 200ema on the 30min at 5907 would be next up as support. If it were to get really bearish today then the 2 hour coral is green and showing support at 5874, though in light of Boris's press conference yesterday and the slight easing of the lockdown I don't think we will get that bearish. The government are obviously keen to get he economy moving again and some money flowing round the system, while at the same time making sure we don't have a second spike of virus cases.

The longer time frame chart remain bullish for the moment and the S&P500 may well try for the 3000-3030 area, though initially we have resistance today at the 200ema on the daily at 2948. We have dropped off overnight from just above this, as we have R1 at 2954.

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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