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Futures rise as US power transfer starts | US tiers v lockdown | 6430 6472 resistance | 6355 6323 support

#1 · 24th November 2020, 10:09 am

Quote from Nick on 24th November 2020, 10:09 am
FTSE 100 live outlook prediction analysis for 24th November 2020
Overnight we have seen the futures move up as the US begins the process of a transfer of power from Trump to Biden. The markets are liking that news (but mores the certainty that comes with it!). In the UK, we will see a move from Lockdown 2, to a tiered structure.
Here are some of the key points from Boris Johnson’s announcement of new coronavirus rules for England:
Non-essential shops and gyms in England allowed to open
England will return to regional tiered virus regulations, with more regions in higher levels
Hospitality venues to be allowed to open for takeaway only in tier 3 – alcohol only served as part of substantial meal in tier 2
People should work from home wherever possible
Program of rapid testing will allow areas to move down tier structure
Home fans will be allowed to watch sport outside up to a maximum of 4,000
Britain’s four-month economic recovery was brought crashing to a halt in November as the second lockdown forced leisure and hospitality businesses to close.
The imminent arrival of a vaccine runs the risk of triggering a third wave of Covid-19 if the public drops its guard, the Bank of England’s chief economist has warned. Andy Haldane told MPs on the Treasury Select Committee that news of three effective vaccines days after the central bank predicted an 11pc growth slump and pumped an extra £150bn into the economy “has been to the positive side of our assumptions”.
More Questions
A Covid-19 vaccine developed by the University of Oxford and AstraZeneca prevented a majority of people from getting the disease in a large trial, another promising development in the quest to end the pandemic, and the rollout could begin next month. The vaccine stopped an average of 70% of participants from falling ill, with effectiveness rising to 90% for one of two regimens. The results drew a harsh review from at least one sell-side analyst as Wall Street grappled with the future of a potentially less effective shot. SVB Leerink analyst Geoffrey Porges noted the results were from a “relatively small” group of volunteers and the company wouldn’t get U.S. approval based on a lack of diversity among participants, he wrote in a note. Astra shares fell. The shot may also be in short supply.
Yellen Nod
President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job. In Yellen, Biden is likely to find support from both Wall Street, which feared a more provocative pick such as Senator Elizabeth Warren, and progressives, who were concerned he might choose someone too friendly to big banks and the wealthy. Biden’s transition team declined to comment. Investors appeared to welcomeYellen’s selection. The S&P 500 benchmark stock index was up less than 1 percent following the news.[Bloomberg]
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US & Asia Overnight from Bloomberg
U.S. and European equity futures and most Asian stocks climbed Tuesday after the triggering of a formal transition process to President-elect Joe Biden. The dollar dipped.
S&P 500 contracts advanced after the General Services Administration acknowledged Biden as the apparent winner of the presidential election. Stocks outperformed in Japan, which reopened after a holiday, and Australia. They fluctuated in Hong Kong and China after a report that senior Trump administration officials are pushing for new hard-line measures against Beijing. European equity futures climbed.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The bulls have finally managed to break the 3585 resistance level on the S&P and now need to push it up to the recent high at 3640. Initially we have resistance at 3612, and also a shortened week for the US markets due to the Thanksgiving holiday. Positive news on the transition from Trump to Biden has helped the futures.
The FTSE has been a bit more static overnight but has locked in some decent looking support for this mooing at the 6353 to 6360 area as we have the daily pivot, coral support, and also the 200ema on the 30min here. As such we may well get an initial rise today towards the first major resistance at 6430. Above that then then bulls will be looking for a rise to the 6473 level where we have R3 and also daily resistance.
The Raff channels remain heading up and the bottom of the 20 day channel is at 6250 for the moment. That said I am thinking a rise and dip may well play out as we see some profit taking later, along with the general "bear Tuesday" vibe possibly kicking in.
Below the 6353 support level then the bears will be aiming for the S1 at 6333, and the key fib at 6322. That latter level ties in with the support that has held well for a while now so a break of that 6320 level would be significant and could lead to further selling, to target the daily support and S3 at 6260. The 25ema on the daily is still down at 6145, and untested since we turned bullish - not completely ruling out a drop down to there before a year end pump though.
Above the 6430 resistance level then as mentioned I would be looking for a rise to 6472 - we may well see the market take the move from national lockdown to tiered regional lockdowns as a positive as more things can open up, which may well fuel further upside over the next few sessions. The top of the Raff channels are up at 6700 and higher so we could well be on for further rises back towards the all time highs in the coming weeks/months. That said, I think the bulls will be capped at 6475ish today if there were to get that high.
So, expecting a rise and dip to play out today, looking at 6430 and 6475 as resistance. For support I am looking at 6353, 6322 and 6285. 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

Overnight we have seen the futures move up as the US begins the process of a transfer of power from Trump to Biden. The markets are liking that news (but mores the certainty that comes with it!). In the UK, we will see a move from Lockdown 2, to a tiered structure.

Here are some of the key points from Boris Johnson’s announcement of new coronavirus rules for England:
Non-essential shops and gyms in England allowed to open
England will return to regional tiered virus regulations, with more regions in higher levels
Hospitality venues to be allowed to open for takeaway only in tier 3 – alcohol only served as part of substantial meal in tier 2
People should work from home wherever possible
Program of rapid testing will allow areas to move down tier structure
Home fans will be allowed to watch sport outside up to a maximum of 4,000

Britain’s four-month economic recovery was brought crashing to a halt in November as the second lockdown forced leisure and hospitality businesses to close.

The imminent arrival of a vaccine runs the risk of triggering a third wave of Covid-19 if the public drops its guard, the Bank of England’s chief economist has warned. Andy Haldane told MPs on the Treasury Select Committee that news of three effective vaccines days after the central bank predicted an 11pc growth slump and pumped an extra £150bn into the economy “has been to the positive side of our assumptions”.

Yellen Nod

President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job. In Yellen, Biden is likely to find support from both Wall Street, which feared a more provocative pick such as Senator Elizabeth Warren, and progressives, who were concerned he might choose someone too friendly to big banks and the wealthy. Biden’s transition team declined to comment. Investors appeared to welcomeYellen’s selection. The S&P 500 benchmark stock index was up less than 1 percent following the news.[Bloomberg]

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US & Asia Overnight from Bloomberg

U.S. and European equity futures and most Asian stocks climbed Tuesday after the triggering of a formal transition process to President-elect Joe Biden. The dollar dipped.

S&P 500 contracts advanced after the General Services Administration acknowledged Biden as the apparent winner of the presidential election. Stocks outperformed in Japan, which reopened after a holiday, and Australia. They fluctuated in Hong Kong and China after a report that senior Trump administration officials are pushing for new hard-line measures against Beijing. European equity futures climbed.

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

The bulls have finally managed to break the 3585 resistance level on the S&P and now need to push it up to the recent high at 3640. Initially we have resistance at 3612, and also a shortened week for the US markets due to the Thanksgiving holiday. Positive news on the transition from Trump to Biden has helped the futures.

The FTSE has been a bit more static overnight but has locked in some decent looking support for this mooing at the 6353 to 6360 area as we have the daily pivot, coral support, and also the 200ema on the 30min here. As such we may well get an initial rise today towards the first major resistance at 6430. Above that then then bulls will be looking for a rise to the 6473 level where we have R3 and also daily resistance.

The Raff channels remain heading up and the bottom of the 20 day channel is at 6250 for the moment. That said I am thinking a rise and dip may well play out as we see some profit taking later, along with the general "bear Tuesday" vibe possibly kicking in.

Below the 6353 support level then the bears will be aiming for the S1 at 6333, and the key fib at 6322. That latter level ties in with the support that has held well for a while now so a break of that 6320 level would be significant and could lead to further selling, to target the daily support and S3 at 6260. The 25ema on the daily is still down at 6145, and untested since we turned bullish - not completely ruling out a drop down to there before a year end pump though.

Above the 6430 resistance level then as mentioned I would be looking for a rise to 6472 - we may well see the market take the move from national lockdown to tiered regional lockdowns as a positive as more things can open up, which may well fuel further upside over the next few sessions. The top of the Raff channels are up at 6700 and higher so we could well be on for further rises back towards the all time highs in the coming weeks/months. That said, I think the bulls will be capped at 6475ish today if there were to get that high.

So, expecting a rise and dip to play out today, looking at 6430 and 6475 as resistance. For support I am looking at 6353, 6322 and 6285. 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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