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Dip and rise today with Jackson Hole this week | 7100 7080 7060 support | 7136 7166 resistance

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

FTSE 100 live outlook prediction analysis for 23rd August 2021

Decent start with the futures rising so far however we are now at the 7125 daily resistance level so could well see a dip and rise play out today. Bull Monday on the cards though overall. The S&P500 has gapped up and left support at 4440 and now also has decent 2 hour support from the Hull moving average at 4395. I dont think it will dip that low today but a long here around the 4400 level looks viable if seen early this week.

Just above the 7125 daily resistance level we have S1 at 7136 and then R2 at 7166.The bulls will be looking to push up towards this level today I am thinking, and possibly higher later on if the US markets continue to stay bullish. 7220 is R3 for today and that is the level that got the reaction last time, so keep an eye on that. The bulls will need to break 7225 really to get this moving much higher, but we also have the top of the 10 day Raff channel here. Can they get that high today? I would be surprised but the momentum has swung back to the bulls for the time being so its definitely possible soon.

So, it feels like a bull Monday and buy the dip is the best play for today. The main support level is at the daily pivot and 30m coral line at the 7080 area, and then just below this we have the Hull Moving average on the 2h chart with 7066 support. S1 a bit lower at 7054 as well. This whole area is therefore decent support and the bulls wont want this back near 7000 again anytime soon. If the S&P does continue to push on towards the 4500+ level then in theory it should pull the FTSE100 up with it too.

Gold has also resumed its uptrend and looks set for a rise towards the 1805 level where we have the daily coral and the 200ema daily as well.

The ASX200 (Australia) market had a decent dip and rise day and I am thinking that we will do the same, especially as the bulls will be keen to build on this move up from 7000 on Thursday last week.

Good luck today.

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Asian Session

Asian stocks rose Monday as traders sought to take advantage of last week’s selloff while keeping a wary eye on risks from the delta virus strain and China’s crackdown on private industries. The dollar fell.

MSCI Inc.’s gauge of Asia-Pacific shares posted one of its biggest daily rallies this month, led by Japan. Chinese technology stocks rebounded from a prolonged selloff, while South Korea climbed as export data signaled resilient global demand. U.S. and European equity futures were in the green after dip buyers spurred an advance in the S&P 500 and Nasdaq 100 on Friday.

Treasury yields ticked up and the dollar dipped for the first day in six on easing demand for havens. Investors are also looking ahead to the Jackson Hole symposium Thursday, which may offer insights into how the Federal Reserve plans to taper bond purchases.

Some of the recent weakness in commodities abated, with oil pushing past $63 a barrel. Commodity-linked currencies like the Australian dollar strengthened. Bitcoin retook $50,000 for the first time since mid-May.

How long the recent turbulence in stocks will subside remains an open question. China continues to pursue a sweeping regulatory clampdown under President Xi Jinping, whose rhetoric this year signals a commitment to closing the country’s yawning wealth gap. Meanwhile, the delta variant and the prospect of reduced Federal Reserve stimulus have sowed doubts about the global economic recovery.  [Bloomberg]

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