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FTSE 100 holding above 6700 | 6688 6668 support | 6761 6779 6790 resistance

#1 · 12th March 2021, 10:48 am

Quote from Nick on 12th March 2021, 10:48 am
FTSE 100 live outlook prediction analysis for 12th March 2021
The FTSE 250 rose moderately yesterday, outperforming the FTSE 100, which was flat for a third session, while the S&P500 tried and failed to push through the 3855 resistance level. AstraZeneca fell, dropping 181p to £70.11 as several countries paused their rollout of the group’s Covid-19 vaccine.

US stocks extended gains overall though, with the benchmark S&P 500 jumping to an all-time high in morning trading in New York. Markets are being powered by a renewed rally in tech stocks as treasury yields seem to stabilise, and president Biden's $1.9 trillion spending bill that moves closer to law.
Signed, Sealed, Delivered
President Joe Biden signed the $1.9 trillion pandemic-relief bill into law, ahead of schedule so he can promote the benefits of the new law during his prime-time address to mark the one-year anniversary of the day the World Health Organization declared a pandemic. He is planning to announce that he will direct states to ensure all adults in the U.S. are eligible for coronavirus vaccines by May 1. Americans can expect to see their stimulus checks arrive as early as the weekend.
Aid Surge
Asian stocks looked set to advance Friday, after their U.S. peers surged to an all-time high on the passing of Washington’s $1.9 trillion stimulus package. Futures pointed to modest gains in Japan, Australia and Hong Kong. In the U.S., tech shares led a broad-based rise that drove the S&P 500 to an historic close. The Nasdaq 100 Index rebounded more than 2% from losses that took it 11% below its February record. Key bond sales went smoothly, easing concerns about another possible spike in yields. The 10-year Treasury benchmark pared an increase after an auction of 30-year notes.
Treading Carefully
As Biden seeks to shore up ties with allies in Asia, he’s reshaping the message to avoid spooking them about U.S. intentions when it comes to China. Australia, Japan and India all fret about Beijing’s expanding economic and military heft, but they're wary of being pulled into an anti-China bloc, especially given their trade ties. Meanwhile, the U.S. and China laid out differing expectations for their first date next week, when Secretary of State Antony Blinken and National Security Advisor Jake Sullivan will come face-to-face with their Chinese counterparts in Alaska. It seems both want to avoid looking weak while navigating the complex international superpower dating game. The posturing illustrates the high stakes for a meeting that could set the tone for the world’s most important diplomatic relationship.[Bloomberg]
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US & Asia Overnight from Bloomberg
Asian stocks were mostly higher Friday after the S&P 500 Index swept to an all-time record on the passage of the $1.9 trillion U.S. stimulus package. The dollar edged up.
MSCI Inc.’s regional gauge rose a fourth day as Japan rallied amid a jump in Rakuten Inc. on a report about a capital tie-up with Japan Post Holdings Co. U.S. equity futures fluctuated following broad S&P 500 gains and a Nasdaq 100 rebound. South Korean e-commerce giant Coupang Inc. popped 41% in its debut.
Chinese shares edged up amid a renewed focus on U.S.-China relations. The Biden administration informed some suppliers to Huawei Technologies Co. of tighter conditions on previously approved export licenses, prohibiting items for use in or with 5G devices, according to people familiar with the move.
Key bond sales went smoothly in U.S. hours, easing concerns about another possible spike in yields. The 10-year Treasury benchmark pared an increase after an auction of 30-year notes. Verizon Communications Inc. saw surging demand for its $25 billion debt sale.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The bulls failed to push above the 6760 level yesterday and this remains the line in the sand for now, with the double top area at 6788 above that. The S&P dropped off the 3960 level as well and has got a little bit over extended so could do with a drop back just to ease up the overbought indicators. The 2 hour chart has support initially at 3934 and just below the daily pivot, so we could see this hold initially, though a drop down towards 3920 and possibly as low as 3905/3900 does look more likely.
There are a cluster of S&P supports at the 3900 area so should it get this low it would be good to see this hold. That should also help the FTSE rise, and in fact the FTSE daily chart remains bullish for now, with the 25ema support rising to 6650 for the moment.
The 10 day Raff channel remains heading upwards, and if the FTSE bulls can break above that 6760 level we may well see 6790 R2, and possibly 6822 R3 today, to end the week optimistically. We may of course get the usual Friday afternoon pump on the US markets as well.
Initially 6710 is the 200ema support, and then 6688 below that. A break of this though and then that 6650 level is likely, with 6638 below that.
The slightly flat action Wednesday and Thursday this week has kept the 2h chart bearish, and whilst the trend line coral is still green, should that go red then the bears may well be getting a bit stronger. The US is certainly pushing on (a bit too much maybe, now 20% above its pre-covid outbreak high) and we may still get a drop back on that. At the moment though the bulls remain in charge, at least on the S&P.
Gold started its push higher and managed to get back above 1700 which the bulls will be keen to defend. Initial support is at 1710 with the green 2h coral first test here so it will be interesting to see if this holds this morning.
So, looking at a dip and rise play today, with 3900 S&P support, 6690 for the FTSE and 14468 on the Dax. Have a great weekend and 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.
What you get
Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
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Telegram live trading room and webinar group membership for discussion and realtime trade updates
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FTSE 100 live outlook prediction analysis for 12th March 2021

The FTSE 250 rose moderately yesterday, outperforming the FTSE 100, which was flat for a third session, while the S&P500 tried and failed to push through the 3855 resistance level. AstraZeneca fell, dropping 181p to £70.11 as several countries paused their rollout of the group’s Covid-19 vaccine.

US stocks extended gains overall though, with the benchmark S&P 500 jumping to an all-time high in morning trading in New York. Markets are being powered by a renewed rally in tech stocks as treasury yields seem to stabilise, and president Biden's $1.9 trillion spending bill that moves closer to law.

Signed, Sealed, Delivered

President Joe Biden signed the $1.9 trillion pandemic-relief bill into law, ahead of schedule so he can promote the benefits of the new law during his prime-time address to mark the one-year anniversary of the day the World Health Organization declared a pandemic. He is planning to announce that he will direct states to ensure all adults in the U.S. are eligible for coronavirus vaccines by May 1. Americans can expect to see their stimulus checks arrive as early as the weekend.

Aid Surge

Asian stocks looked set to advance Friday, after their U.S. peers surged to an all-time high on the passing of Washington’s $1.9 trillion stimulus package. Futures pointed to modest gains in Japan, Australia and Hong Kong. In the U.S., tech shares led a broad-based rise that drove the S&P 500 to an historic close. The Nasdaq 100 Index rebounded more than 2% from losses that took it 11% below its February record. Key bond sales went smoothly, easing concerns about another possible spike in yields. The 10-year Treasury benchmark pared an increase after an auction of 30-year notes.

Treading Carefully

As Biden seeks to shore up ties with allies in Asia, he’s reshaping the message to avoid spooking them about U.S. intentions when it comes to China. Australia, Japan and India all fret about Beijing’s expanding economic and military heft, but they're wary of being pulled into an anti-China bloc, especially given their trade ties. Meanwhile, the U.S. and China laid out differing expectations for their first date next week, when Secretary of State Antony Blinken and National Security Advisor Jake Sullivan will come face-to-face with their Chinese counterparts in Alaska. It seems both want to avoid looking weak while navigating the complex international superpower dating game. The posturing illustrates the high stakes for a meeting that could set the tone for the world’s most important diplomatic relationship.[Bloomberg]

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US & Asia Overnight from Bloomberg

Asian stocks were mostly higher Friday after the S&P 500 Index swept to an all-time record on the passage of the $1.9 trillion U.S. stimulus package. The dollar edged up.

MSCI Inc.’s regional gauge rose a fourth day as Japan rallied amid a jump in Rakuten Inc. on a report about a capital tie-up with Japan Post Holdings Co. U.S. equity futures fluctuated following broad S&P 500 gains and a Nasdaq 100 rebound. South Korean e-commerce giant Coupang Inc. popped 41% in its debut.

Chinese shares edged up amid a renewed focus on U.S.-China relations. The Biden administration informed some suppliers to Huawei Technologies Co. of tighter conditions on previously approved export licenses, prohibiting items for use in or with 5G devices, according to people familiar with the move.

Key bond sales went smoothly in U.S. hours, easing concerns about another possible spike in yields. The 10-year Treasury benchmark pared an increase after an auction of 30-year notes. Verizon Communications Inc. saw surging demand for its $25 billion debt sale.

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

The bulls failed to push above the 6760 level yesterday and this remains the line in the sand for now, with the double top area at 6788 above that. The S&P dropped off the 3960 level as well and has got a little bit over extended so could do with a drop back just to ease up the overbought indicators. The 2 hour chart has support initially at 3934 and just below the daily pivot, so we could see this hold initially, though a drop down towards 3920 and possibly as low as 3905/3900 does look more likely.

There are a cluster of S&P supports at the 3900 area so should it get this low it would be good to see this hold. That should also help the FTSE rise, and in fact the FTSE daily chart remains bullish for now, with the 25ema support rising to 6650 for the moment.

The 10 day Raff channel remains heading upwards, and if the FTSE bulls can break above that 6760 level we may well see 6790 R2, and possibly 6822 R3 today, to end the week optimistically. We may of course get the usual Friday afternoon pump on the US markets as well.

Initially 6710 is the 200ema support, and then 6688 below that. A break of this though and then that 6650 level is likely, with 6638 below that.

The slightly flat action Wednesday and Thursday this week has kept the 2h chart bearish, and whilst the trend line coral is still green, should that go red then the bears may well be getting a bit stronger. The US is certainly pushing on (a bit too much maybe, now 20% above its pre-covid outbreak high) and we may still get a drop back on that. At the moment though the bulls remain in charge, at least on the S&P.

Gold started its push higher and managed to get back above 1700 which the bulls will be keen to defend. Initial support is at 1710 with the green 2h coral first test here so it will be interesting to see if this holds this morning.

So, looking at a dip and rise play today, with 3900 S&P support, 6690 for the FTSE and 14468 on the Dax. Have a great weekend and 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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