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End of quarter and end of month - bearish - 7050 7027 7000 support | 7100 7117 7142 resistance

#1 · 30th June 2021, 10:57 am

Quote from Nick on 30th June 2021, 10:57 am
FTSE 100 live outlook prediction analysis for 30th June 2021
Today is end of the month and also end of quarter and as such we may well see a weaker day on the markets. Tomorrow we also have the US jobs report so we may well have lower volumes ahead of that. Plus a lot of sore heads after Englands victory last night! Generally I am expecting a weaker day ahead today and we may possibly dip as low as the daily support at 7030 though I do like a hold of the 7050 level as we have the key fib at 7047.
Yesterday saw the 2 hour resistance levels at 7117 hold and we have had a small dip from them so far, and the coral remains red with 7106 resistance for the moment. We also have R1 at 7117, just below yesterdays high, and if that was seen then it would set up a decent double top for the bears to capitalise on.
Initial support is at the 30m coral at 7084 though it tested it yesterday after the colour change and bounced already so the second test will be a bit weaker. As such a move below this level will likely see 7061 S1 tested in fairly short order, 7047 below that as mentioned, then the daily support at 7027. That is also just below S2 at 7035.
Maintain a bearish stance for today really.
If the bulls were to push up past the 7120 level though then 7142 is the key fib level, and then the 7170 level above that though I don't think we will push that high today. I am expecting the S&P to slide a bit, maybe as low at the S3 level at 4265 if the 2h coral support at 4288 is broken.
The 2h dax chart is bullish to start with, and has support at 15638 though a slide down to the key fib and S1 area at 15570 looks like it will pan out initially, especially if the bears can break the daily pivot support at 15664 to start with.
So, expecting a bit of consolidation/bearishness today really, but as long as the support levels of 7030, 4265 and 15570 hold then we may well still have some bullishness ahead in the next few sessions. The bulls have certainly fought back well from that mid June bear attack.
Good luck today.
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Asian Session
Most Asian stocks rose Wednesday after U.S. shares closed at a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain. The dollar held an advance.
Australian equities outperformed, shrugging off lockdowns imposed to fight the delta variant of the virus, while Japan and Hong Kong fluctuated. U.S. contracts were higher after the S&P 500 eked out a gain, remaining on track for a fifth monthly advance -- the longest run since August. Moderna Inc. reached an all-time peak after saying its vaccine produced protective antibodies against the delta strain, which has spread around the world since emerging in India.
The dollar has firmed on haven demand due to Covid-19 flareups, a climb that has hurt gold, which is set for the biggest monthly drop in over four years.
Treasury yields were steady as traders digested the latest Fed comments. On asset purchases, Thomas Barkin said he wants to see much more U.S. labor market progress before slowing them, while Christopher Waller said economic performance warrants thinking about pulling back on some stimulus.
Stocks are up about 90% from the worst of the market panic over the pandemic in March last year, helped by the rollout of vaccines and substantial liquidity injections. The rally has weathered concerns about the possibility of more troublesome virus strains, stretched valuations and the prospect of tighter monetary policy as the global recovery stokes commodity prices and inflation. [Bloomberg]
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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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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 30th June 2021

Today is end of the month and also end of quarter and as such we may well see a weaker day on the markets. Tomorrow we also have the US jobs report so we may well have lower volumes ahead of that. Plus a lot of sore heads after Englands victory last night! Generally I am expecting a weaker day ahead today and we may possibly dip as low as the daily support at 7030 though I do like a hold of the 7050 level as we have the key fib at 7047.

Yesterday saw the 2 hour resistance levels at 7117 hold and we have had a small dip from them so far, and the coral remains red with 7106 resistance for the moment. We also have R1 at 7117, just below yesterdays high, and if that was seen then it would set up a decent double top for the bears to capitalise on.

Initial support is at the 30m coral at 7084 though it tested it yesterday after the colour change and bounced already so the second test will be a bit weaker. As such a move below this level will likely see 7061 S1 tested in fairly short order, 7047 below that as mentioned, then the daily support at 7027. That is also just below S2 at 7035.

Maintain a bearish stance for today really.

If the bulls were to push up past the 7120 level though then 7142 is the key fib level, and then the 7170 level above that though I don't think we will push that high today. I am expecting the S&P to slide a bit, maybe as low at the S3 level at 4265 if the 2h coral support at 4288 is broken.

The 2h dax chart is bullish to start with, and has support at 15638 though a slide down to the key fib and S1 area at 15570 looks like it will pan out initially, especially if the bears can break the daily pivot support at 15664 to start with.

So, expecting a bit of consolidation/bearishness today really, but as long as the support levels of 7030, 4265 and 15570 hold then we may well still have some bullishness ahead in the next few sessions. The bulls have certainly fought back well from that mid June bear attack.

Good luck today.

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

Asian Session

Most Asian stocks rose Wednesday after U.S. shares closed at a record on economic optimism and signs that vaccines can counter a highly infectious coronavirus strain. The dollar held an advance.

Australian equities outperformed, shrugging off lockdowns imposed to fight the delta variant of the virus, while Japan and Hong Kong fluctuated. U.S. contracts were higher after the S&P 500 eked out a gain, remaining on track for a fifth monthly advance -- the longest run since August. Moderna Inc. reached an all-time peak after saying its vaccine produced protective antibodies against the delta strain, which has spread around the world since emerging in India.
The dollar has firmed on haven demand due to Covid-19 flareups, a climb that has hurt gold, which is set for the biggest monthly drop in over four years.

Treasury yields were steady as traders digested the latest Fed comments. On asset purchases, Thomas Barkin said he wants to see much more U.S. labor market progress before slowing them, while Christopher Waller said economic performance warrants thinking about pulling back on some stimulus.

Stocks are up about 90% from the worst of the market panic over the pandemic in March last year, helped by the rollout of vaccines and substantial liquidity injections. The rally has weathered concerns about the possibility of more troublesome virus strains, stretched valuations and the prospect of tighter monetary policy as the global recovery stokes commodity prices and inflation. [Bloomberg]

Recommended Broker

GoMarkets offer over 350 tradable CFD instruments including Forex, Shares, Indices and Commodities. Widely recognised as Australia’s first MT4 broker, they’ve since added MT5, mobile trading and a web-based version to the trading platform suite. CLICK HERE

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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