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FTSE on resistance at 7070 to start with | 7010 6970 support | 7105 resistance higher up

#1 · 17th May 2021, 10:31 am

Quote from Nick on 17th May 2021, 10:31 am
FTSE 100 live outlook prediction analysis for 17th May 2021
After a week of anxieties about inflation, the FTSE 100 clocked its worst weekly performance since February, despite blue-chips rising 80.28 points to 7,043.61 on the day. Bargain-buying helped stock markets regain some of the week’s losses, with investors’ confidence buoyed by a forecast-beating US jobless claims report.

The domestically-focused FTSE 250 added 266.79 points to end at 22,336.10.
Miners, however, kept the top flight’s gain in check and dominated the bottom ranks as they continued to fall on the back of a recent drop in commodity prices and as traders anticipate a crackdown by the Chinese government on rising prices.
Singapore Schools Close
Singapore plans to close most in-school classes until May 28 after reporting 38 new cases of Covid-19 infection in the community on Sunday, the highest number in more than a year. The city-state may also be facing slower vaccine deliveries over the next couple of months. Taiwan is racing to contain its worst outbreak of the virus yet, with the government calling for more working from home after a record 206 new local cases were reported Sunday. In India, there are signs thousands more are dying every day than government data indicate. Meanwhile, the U.K. is preparing to loosen restrictions on Monday and the U.S.’s rolling one-week average of new virus cases fell to the lowest level since June.
Concerns Ease
Stocks are set to start the week firmer in Asia, as easing commodity prices and slightly softer U.S. data allay investor concerns about excessive inflation. Futures rose in Japan, Australia and Hong Kong. The main threat to a renewed rally is the latest series of lockdowns in the region to curb spiking coronavirus cases. U.S. futures edged higher. Stocks ended in the green Friday after gathering price pressures pushed equity markets globally to their worst weekly loss since February. Currencies were steady in early Asia trading.[Bloomberg]
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US & Asia Overnight from Bloomberg
Stocks in Asia fluctuated Monday with U.S. futures as spikes in virus cases in parts the region and lingering inflation concerns weighed on investor sentiment.
Shares gained modestly in Australia and Hong Kong but slipped in Japan and South Korea as markets responded to the latest curbs on activity to halt the spread of Covid-19. U.S. stocks ended in the green Friday after gathering price pressures pushed equity markets globally to their worst weekly loss since February.
China’s stocks climbed, shrugging off some below-forecast readings on retail sales, industrial output and fixed-asset investment.
The spread of the virus is front and center again as Singapore plans to close public schools this week and move to home-based learning. Taiwan is racing to contain its worst outbreak and avert a full lockdown.
Treasury yields were steady after dropping Friday on a report that showed the recent surge in U.S. retail sales stalled in April. The dollar edged up against its major peers.
Concerns that policy makers will have to pull back support sooner than expected to quell rising inflation have weighed on global equities. Investors this week will parse the minutes from the Federal Open Market Committee’s latest meeting for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Good rise on Friday and that was a good hold of the support at 6988. Could have squeezed a bit more out of the long as it topped out at 7070 later in the evening and that level is decent resistance now. As such we may well see a bit of a retrace of that rise and an initial dip this morning. Followed by a bit of a bull Monday kicking in later. Cable (USDGBP) is consolidating above 140 and likely to temper too much exuberance on the FTSE 100 for the moment.
Zooming out, if the bulls can push past the 7140 level though this week then things look quite positive for a retest of the pre-covid high at the 7500 level. The slight spanner in the works for the shorter term outlook is that the S&P is at resistance at the 4170 level and a smidge over extended there as well. A pull back before another leg higher would fit pretty well ont hat and that may well mirror on the FTSE 100. If it did rise towards the 20d Raff channel at 4270 though then that may well see the FTSE climb further as well. The top of the 10 day Raff channel is at 4242 for today.
Initial support today is at the daily pivot at 7038, and then the 30m 200ema below that at 7007, which is also just above S1 at 7000. With the round number here it would be good to see this level hold, but a break of that and we will likely drop down to the 2h support levels at 6970 for the coral and 6961 for the Hull moving average. Should we slide that far today then I would like to see this hold.
The 2h charts are bullish across the board with support at 4095 for the S&P, 15215 on the Dax and the. 6961 FTSE 100 level. Ergo a dip to these sort of areas may well then see the bulls appear here and worth keeping an eye on those levels.
So expecting a dip and rise today with a bit of bull Monday thrown in as well. Keep an eye on the S&P resistance area around this 4180 level level though.
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!
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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.
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 live outlook prediction analysis for 17th May 2021

After a week of anxieties about inflation, the FTSE 100 clocked its worst weekly performance since February, despite blue-chips rising 80.28 points to 7,043.61 on the day. Bargain-buying helped stock markets regain some of the week’s losses, with investors’ confidence buoyed by a forecast-beating US jobless claims report.

The domestically-focused FTSE 250 added 266.79 points to end at 22,336.10.

Miners, however, kept the top flight’s gain in check and dominated the bottom ranks as they continued to fall on the back of a recent drop in commodity prices and as traders anticipate a crackdown by the Chinese government on rising prices.

Singapore Schools Close

Singapore plans to close most in-school classes until May 28 after reporting 38 new cases of Covid-19 infection in the community on Sunday, the highest number in more than a year. The city-state may also be facing slower vaccine deliveries over the next couple of months. Taiwan is racing to contain its worst outbreak of the virus yet, with the government calling for more working from home after a record 206 new local cases were reported Sunday. In India, there are signs thousands more are dying every day than government data indicate. Meanwhile, the U.K. is preparing to loosen restrictions on Monday and the U.S.’s rolling one-week average of new virus cases fell to the lowest level since June.

Concerns Ease

Stocks are set to start the week firmer in Asia, as easing commodity prices and slightly softer U.S. data allay investor concerns about excessive inflation. Futures rose in Japan, Australia and Hong Kong. The main threat to a renewed rally is the latest series of lockdowns in the region to curb spiking coronavirus cases. U.S. futures edged higher. Stocks ended in the green Friday after gathering price pressures pushed equity markets globally to their worst weekly loss since February. Currencies were steady in early Asia trading.[Bloomberg]

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US & Asia Overnight from Bloomberg

Stocks in Asia fluctuated Monday with U.S. futures as spikes in virus cases in parts the region and lingering inflation concerns weighed on investor sentiment.
Shares gained modestly in Australia and Hong Kong but slipped in Japan and South Korea as markets responded to the latest curbs on activity to halt the spread of Covid-19. U.S. stocks ended in the green Friday after gathering price pressures pushed equity markets globally to their worst weekly loss since February.

China’s stocks climbed, shrugging off some below-forecast readings on retail sales, industrial output and fixed-asset investment.

The spread of the virus is front and center again as Singapore plans to close public schools this week and move to home-based learning. Taiwan is racing to contain its worst outbreak and avert a full lockdown.

Treasury yields were steady after dropping Friday on a report that showed the recent surge in U.S. retail sales stalled in April. The dollar edged up against its major peers.

Concerns that policy makers will have to pull back support sooner than expected to quell rising inflation have weighed on global equities. Investors this week will parse the minutes from the Federal Open Market Committee’s latest meeting for any discussion about accelerating price pressures, and hints of a timeline for reducing asset purchases.

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

Good rise on Friday and that was a good hold of the support at 6988. Could have squeezed a bit more out of the long as it topped out at 7070 later in the evening and that level is decent resistance now. As such we may well see a bit of a retrace of that rise and an initial dip this morning. Followed by a bit of a bull Monday kicking in later. Cable (USDGBP) is consolidating above 140 and likely to temper too much exuberance on the FTSE 100 for the moment.

Zooming out, if the bulls can push past the 7140 level though this week then things look quite positive for a retest of the pre-covid high at the 7500 level. The slight spanner in the works for the shorter term outlook is that the S&P is at resistance at the 4170 level and a smidge over extended there as well. A pull back before another leg higher would fit pretty well ont hat and that may well mirror on the FTSE 100. If it did rise towards the 20d Raff channel at 4270 though then that may well see the FTSE climb further as well. The top of the 10 day Raff channel is at 4242 for today.

Initial support today is at the daily pivot at 7038, and then the 30m 200ema below that at 7007, which is also just above S1 at 7000. With the round number here it would be good to see this level hold, but a break of that and we will likely drop down to the 2h support levels at 6970 for the coral and 6961 for the Hull moving average. Should we slide that far today then I would like to see this hold.

The 2h charts are bullish across the board with support at 4095 for the S&P, 15215 on the Dax and the. 6961 FTSE 100 level. Ergo a dip to these sort of areas may well then see the bulls appear here and worth keeping an eye on those levels.

So expecting a dip and rise today with a bit of bull Monday thrown in as well. Keep an eye on the S&P resistance area around this 4180 level level though.

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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