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Dow hits 30k | SP 3660 resistance | 6480 6501 FTSE 100 resistance | 6395 6375 support

#1 · 25th November 2020, 9:55 am

Quote from Nick on 25th November 2020, 9:55 am
FTSE 100 live outlook prediction analysis for 24th November 2020
The Dow Jones Industrial Average has moved above the 30,000-mark for the first time, as traders are optimistic vaccines will pave the way for an economic recovery next year. Wall Street is rebounding from its pandemic-driven crash. Though US economic activity is reeling from lockdowns and employment is at levels last seen in 2015, monetary and fiscal stimulus has powered the main indexes back to record highs.
Here is how it stands:
Tech-heavy Nasdaq crossed 10,000 for the first time in June, and is trading around 12,000 points.
S&P 500 has soared 65pc after crashing to an over three-year low in March
Dow Jones has hit a record 30,000. It took fewer than four years to rise from 20,000, much less than the last 10,000-point rise which took almost two decades. Its gone from 29,000 to 30,000 in about 10 months.
Meanwhile, US oil has hit $45 per barrel for the first time since March 6th on hopes of a demand rebound. WTI crude futures passed the threshold in New York this afternoon amid the broader risk rally across markets.
Good Times Are Back (or are they?)
The Dow Jones Industrial Average topped 30,000 for the first time and investors piled into risk assets as a series of market-friendly developments unleashed animal spirits on Wall Street. The rally is set to extend in Asia. The S&P 500 Index hit a record, spurred by the formal start of President-elect Joe Biden’s transition. A third promising vaccine candidate added to the euphoria. President Donald Trump touted the gains and vaccine progress in a very short press conference. The rotation into risk assets was widespread. Treasuries retreated with the dollar, gold dropped and oil surged. Bitcoin rose to a three-year high, topping $19,000.
'Proper' Range
China will likely return to a more “proper” range of economic development next year, Premier Li Keqiang said, indicating a strong rebound in growth after this year’s pandemic slump. After taking a severe knock in the first quarter, the economy is recovering and set to post positive growth this year, Li said at a joint media briefing Tuesday alongside the leaders of six international economic institutions, including the International Monetary Fund and World Trade Organization. China recently laid out its five and 15-year plans for the economy, outlining an ambition to double the size of gross domestic product by 2035.[Bloomberg]
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US & Asia Overnight from Bloomberg
A rally in global equities cooled Wednesday as investors balanced optimism spurred by vaccine and political developments against a still challenging economic outlook amid the pandemic. The dollar steadied.
A gauge of Asia-Pacific shares gave up an earlier climb of about 1%. Stocks in South Korea and China turned lower, while Japan posted modest gains. S&P 500 futures edged up after the index closed at an all-time high and the Dow Jones Industrial Average topped 30,000 for the first time. Treasuries were little changed. Oil held at about $45 a barrel in New York, while copper touched the highest since 2014.
Positive vaccine news as well as the formal start of President-elect Joe Biden’s transition to power -- including the selection of Janet Yellen as Treasury secretary -- have fueled optimism about the outlook. At the same time, restrictions to curb surging coronavirus infections threaten to impede the global economic recovery. The MSCI gauge of global shares remains up 13% in November, set for its best month since it began in 1988.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
A new record high for the Dow yesterday as it hit the 30,000 level, and we got the FTSE futures testing the 6480 resistance level overnight as well. The S&P has also hit the 3660 resistance level and stalled a bit, and with the RSI's quite high we may well see a bit of sideways or possible drop back just to reset them. We also have the Thanksgiving holiday in the US so reduced trading Thursday and Friday this week.
For the FTSE we may well see a retest of the 6480 level in hours, and if so then a short here looks to be worth a go. Above this though and the bulls will be looking for 6501 where we have R1 for today and then the daily resistance at 6560 would be next up. At that level we are not far short of the 10 day Raff channel top which currently sits at 6612, but I am not expecting us to get that high today.
If we do get a bearish reaction, either initially, or after another test of the 6480 level then a drop down to the first major support area at 6400 looks like it will play out. 6396 is S1, but we also have the key fib level at 6393, along with the 30m 200ema at 6386 (and slowly rising). During yesterday's session on the FTSE we had several negative RSI divergence signals appear but they were shaken off as we got the slow drift up. As such we could see some profits taken off the table today as we consolidate a bit. Another leg up after Thanksgiving certainly looks possible.
Below 6380 and then the bears will be looking to take more control - and a drop down to S2 6328 could well play out. However, that feels very bearish for today and I am expecting more of a sideways day with the 6386 to 6480 range being relevant. With the 2 hour coral at 6372 and rising steadily, I am expecting this level to hold today.
So watch 6432 for initial support, with 6385 below that. For resistance, I am looking at 6480, 6501, 6536 and 6560. 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 24th November 2020

The Dow Jones Industrial Average has moved above the 30,000-mark for the first time, as traders are optimistic vaccines will pave the way for an economic recovery next year. Wall Street is rebounding from its pandemic-driven crash. Though US economic activity is reeling from lockdowns and employment is at levels last seen in 2015, monetary and fiscal stimulus has powered the main indexes back to record highs.

Here is how it stands:

Tech-heavy Nasdaq crossed 10,000 for the first time in June, and is trading around 12,000 points.
S&P 500 has soared 65pc after crashing to an over three-year low in March
Dow Jones has hit a record 30,000. It took fewer than four years to rise from 20,000, much less than the last 10,000-point rise which took almost two decades. Its gone from 29,000 to 30,000 in about 10 months.

Meanwhile, US oil has hit $45 per barrel for the first time since March 6th on hopes of a demand rebound. WTI crude futures passed the threshold in New York this afternoon amid the broader risk rally across markets.

Good Times Are Back (or are they?)

The Dow Jones Industrial Average topped 30,000 for the first time and investors piled into risk assets as a series of market-friendly developments unleashed animal spirits on Wall Street. The rally is set to extend in Asia. The S&P 500 Index hit a record, spurred by the formal start of President-elect Joe Biden’s transition. A third promising vaccine candidate added to the euphoria. President Donald Trump touted the gains and vaccine progress in a very short press conference. The rotation into risk assets was widespread. Treasuries retreated with the dollar, gold dropped and oil surged. Bitcoin rose to a three-year high, topping $19,000.

'Proper' Range

China will likely return to a more “proper” range of economic development next year, Premier Li Keqiang said, indicating a strong rebound in growth after this year’s pandemic slump. After taking a severe knock in the first quarter, the economy is recovering and set to post positive growth this year, Li said at a joint media briefing Tuesday alongside the leaders of six international economic institutions, including the International Monetary Fund and World Trade Organization. China recently laid out its five and 15-year plans for the economy, outlining an ambition to double the size of gross domestic product by 2035.[Bloomberg]

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US & Asia Overnight from Bloomberg

A rally in global equities cooled Wednesday as investors balanced optimism spurred by vaccine and political developments against a still challenging economic outlook amid the pandemic. The dollar steadied.

A gauge of Asia-Pacific shares gave up an earlier climb of about 1%. Stocks in South Korea and China turned lower, while Japan posted modest gains. S&P 500 futures edged up after the index closed at an all-time high and the Dow Jones Industrial Average topped 30,000 for the first time. Treasuries were little changed. Oil held at about $45 a barrel in New York, while copper touched the highest since 2014.

Positive vaccine news as well as the formal start of President-elect Joe Biden’s transition to power -- including the selection of Janet Yellen as Treasury secretary -- have fueled optimism about the outlook. At the same time, restrictions to curb surging coronavirus infections threaten to impede the global economic recovery. The MSCI gauge of global shares remains up 13% in November, set for its best month since it began in 1988.

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

A new record high for the Dow yesterday as it hit the 30,000 level, and we got the FTSE futures testing the 6480 resistance level overnight as well. The S&P has also hit the 3660 resistance level and stalled a bit, and with the RSI's quite high we may well see a bit of sideways or possible drop back just to reset them. We also have the Thanksgiving holiday in the US so reduced trading Thursday and Friday this week.

For the FTSE we may well see a retest of the 6480 level in hours, and if so then a short here looks to be worth a go. Above this though and the bulls will be looking for 6501 where we have R1 for today and then the daily resistance at 6560 would be next up. At that level we are not far short of the 10 day Raff channel top which currently sits at 6612, but I am not expecting us to get that high today.

If we do get a bearish reaction, either initially, or after another test of the 6480 level then a drop down to the first major support area at 6400 looks like it will play out. 6396 is S1, but we also have the key fib level at 6393, along with the 30m 200ema at 6386 (and slowly rising). During yesterday's session on the FTSE we had several negative RSI divergence signals appear but they were shaken off as we got the slow drift up. As such we could see some profits taken off the table today as we consolidate a bit. Another leg up after Thanksgiving certainly looks possible.

Below 6380 and then the bears will be looking to take more control - and a drop down to S2 6328 could well play out. However, that feels very bearish for today and I am expecting more of a sideways day with the 6386 to 6480 range being relevant. With the 2 hour coral at 6372 and rising steadily, I am expecting this level to hold today.

So watch 6432 for initial support, with 6385 below that. For resistance, I am looking at 6480, 6501, 6536 and 6560. 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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