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FOMC minutes later | Buy the rumour sell the news | 7100 7060 support | 7125 7160 7180 resistance

#1 · 7th July 2021, 11:17 am

Quote from Nick on 7th July 2021, 11:17 am
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
FTSE 100 live outlook prediction analysis for 7th July 2021
Well we got the dip and rise play out well on the US markets yesterday with the S&P500 dropping down to 4310 then bouncing 20 points, and the FTSE managed to defend the 7075 level, slightly below the decent looking support at 7100. Was that just an overshoot or a stop hunt?
Today we have the Fed minutes at 7pm this evening and we may well see some more upside ahead of that. The drop yesterday was being blamed on Covid debt but thats nothing new so in reality it will be something else and a fishing expedition ahead of the Fed is the most likely - collect stops and those that already know the minutes can get in at a lower price. We shall see what materialises later as to which one it was!
For today we may well have another initial dip down to the 7062 level where we have S1 and also the key fib level. This is also just below the daily support level at 7064 so I would like to see this area hold, and then set up a climb towards the 7150 level or higher, as we now have 2 hour chart resistance at 7151 following that drop yesterday. The 2 hour chart has also gone bearish as you would expect.
Below the 7060 level the next support is at 7030 where we have the bottom of the 10 day Raff channel and I would expect this to hold, especially as the bulls will be keen to defend the 7100 area as well. The bounce on the S&P bodes well and if the bulls can push past the overnight high at 4340 then 4356 is next up, and possibly a rise towards the R2 4378 level, though we have R1 at 4358 tying in with the 2h resistance.
So, for the FTSE 100 bulls, 7160 is the level to break as we have R1 and the fib here, and just above that 2 hour resistance. A break above will likely get that 7177 daily level, and then we have R2 at 7213 - can we get a Fed driven move that high today? Not sure we can add 100, unless that was just a stop hunt yesterday and an overreaction drop, in which case, highly likely!
Generally looking at dip and rise again today with a bullish bias and would like to see the FTSE try and stay above 7100. Good luck today.
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Asian Session
Most Asian stocks fell Wednesday and Treasuries held an advance on concerns about the economic recovery from the pandemic, virus variants and China’s scrutiny of the technology sector.
Japan led regional shares lower amid a climb in the yen on demand for havens. Chinese tech firms retreated in Hong Kong as Beijing’s cybersecurity probe of ride-hailing giant Didi Global Inc., and vow to tighten oversight of data security and overseas listings, hurt sentiment. U.S. contracts fluctuated after the S&P 500 dipped and the Nasdaq 100 reached a record. European futures edged up.
Ten-year U.S. Treasury yields hit February lows overnight amid slower-than-expected service-sector growth, with short covering exacerbating the move. Australian and New Zealand bonds rallied. The dollar retained a climb.
Oil steadied after dropping toward $73 a barrel in the fallout from the OPEC+ crisis, which has stymied efforts to raise production and buffeted prices.
While global stocks remain near all-time highs, inflationary pressures, reduced central bank stimulus and the spread of the Covid-19 delta strain are potential risks. Traders are looking ahead to the Federal Reserve minutes Wednesday for more clues on when the U.S. central bank may begin tapering the substantial asset purchases that have bolstered financial markets. [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
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis

FTSE 100 live outlook prediction analysis for 7th July 2021

Well we got the dip and rise play out well on the US markets yesterday with the S&P500 dropping down to 4310 then bouncing 20 points, and the FTSE managed to defend the 7075 level, slightly below the decent looking support at 7100. Was that just an overshoot or a stop hunt?

Today we have the Fed minutes at 7pm this evening and we may well see some more upside ahead of that. The drop yesterday was being blamed on Covid debt but thats nothing new so in reality it will be something else and a fishing expedition ahead of the Fed is the most likely - collect stops and those that already know the minutes can get in at a lower price. We shall see what materialises later as to which one it was!

For today we may well have another initial dip down to the 7062 level where we have S1 and also the key fib level. This is also just below the daily support level at 7064 so I would like to see this area hold, and then set up a climb towards the 7150 level or higher, as we now have 2 hour chart resistance at 7151 following that drop yesterday. The 2 hour chart has also gone bearish as you would expect.

Below the 7060 level the next support is at 7030 where we have the bottom of the 10 day Raff channel and I would expect this to hold, especially as the bulls will be keen to defend the 7100 area as well. The bounce on the S&P bodes well and if the bulls can push past the overnight high at 4340 then 4356 is next up, and possibly a rise towards the R2 4378 level, though we have R1 at 4358 tying in with the 2h resistance.

So, for the FTSE 100 bulls, 7160 is the level to break as we have R1 and the fib here, and just above that 2 hour resistance. A break above will likely get that 7177 daily level, and then we have R2 at 7213 - can we get a Fed driven move that high today? Not sure we can add 100, unless that was just a stop hunt yesterday and an overreaction drop, in which case, highly likely!

Generally looking at dip and rise again today with a bullish bias and would like to see the FTSE try and stay above 7100. Good luck today.

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Asian Session

Most Asian stocks fell Wednesday and Treasuries held an advance on concerns about the economic recovery from the pandemic, virus variants and China’s scrutiny of the technology sector.

Japan led regional shares lower amid a climb in the yen on demand for havens. Chinese tech firms retreated in Hong Kong as Beijing’s cybersecurity probe of ride-hailing giant Didi Global Inc., and vow to tighten oversight of data security and overseas listings, hurt sentiment. U.S. contracts fluctuated after the S&P 500 dipped and the Nasdaq 100 reached a record. European futures edged up.

Ten-year U.S. Treasury yields hit February lows overnight amid slower-than-expected service-sector growth, with short covering exacerbating the move. Australian and New Zealand bonds rallied. The dollar retained a climb.

Oil steadied after dropping toward $73 a barrel in the fallout from the OPEC+ crisis, which has stymied efforts to raise production and buffeted prices.

While global stocks remain near all-time highs, inflationary pressures, reduced central bank stimulus and the spread of the Covid-19 delta strain are potential risks. Traders are looking ahead to the Federal Reserve minutes Wednesday for more clues on when the U.S. central bank may begin tapering the substantial asset purchases that have bolstered financial markets. [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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