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Last day of the week with 7690 7712 7733 resistance | Rise and dip | 7650 7630 support

#1 · 6th April 2023, 9:11 am

Quote from Nick on 6th April 2023, 9:11 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 6th April 2023
Asian stocks fell with US equity futures and government bonds rallied against the backdrop of weaker-than-expected economic data that supported forecasts for recession.
Benchmarks declined in China, Japan, South Korea and Australia on Thursday. Contracts for US shares fell after the S&P 500 retreated 0.3% Wednesday as selling pressure clustered in vulnerable corners of the market. The Nasdaq 100 dropped 1%, eroding a stellar first quarter in which the tech-heavy index rose by fifth.
Asian stocks and U.S. equity futures sank on Thursday while bonds and the safe-haven U.S. dollar and Japanese yen were bid as mounting evidence of a U.S. slowdown fuelled worries for a global recession.
Investors were inclined to take money off the table after recent strong gains, and with many global markets off on Good Friday, when potentially pivotal U.S. monthly payrolls data is due.
Shortened week so we may well see a rise and dip play out as there will be reduced appetite to hold over the long weekend. Initially we have resistance at the 7680 level from the daily chart, and also the 2h just above at the 7690 coral line. As such we may well see any early rise stall in this area. The bulls would of course tough be keen to recapture the 7700 level ahead of the weekend.
It's not all doom and gloom though as the price is holding above the 25ema on the daily, which suggests that we may well see more bullishness after the extended Easter break. 7636 is the support level from that moving average so keep an eye on that area as it could be decent support.
Below 7630 the bears would likely be able to drop it down sub 6600 though and the next daily level at 7580 would come into play. I dont expect us to get that low today and in fact we may well see that 7630 level hold. The powers that be will certainly be trying to avoid too much of a decline ahead of the break.
With a bearish 2h chart though, we still have a short the rallies bias, and the 7680-90 level may well be a bit of a tough nut to crack today. If it did then above this is 7751 level on the daily chart (bear in mind that the 10d Raff channel is also still heading up, and also the 20d now too). The bearishness and bank woes (and 7200) are fading in the memory for the short term.
The 2h chart on the S&P500 is also bearish with 4120 as resistance. A rise to that then a drop would make sense for today, and then more upside if the bulls are able to keep defending the 4075 level where we have the bottom of the 10d Raff channel.
Likewise the Dax 2h chart is also showing a now red coral at 15675 so a rise to this area and then a drop back would also fit quite well. Basically a potential rise and dip across the board today. 15642 is the key fib, though we seem to be overshooting these fibs more on the Dax at the moment so a rise past that to test the 2h resistance and then drop back may well fit.
It's also the last day of the week so may well be a slightly more choppy one.
Good luck today and have a great long weekend!
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If you would like more detailed analysis for FTSE100, 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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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 6th April 2023

Asian stocks fell with US equity futures and government bonds rallied against the backdrop of weaker-than-expected economic data that supported forecasts for recession.

Benchmarks declined in China, Japan, South Korea and Australia on Thursday. Contracts for US shares fell after the S&P 500 retreated 0.3% Wednesday as selling pressure clustered in vulnerable corners of the market. The Nasdaq 100 dropped 1%, eroding a stellar first quarter in which the tech-heavy index rose by fifth.

Asian stocks and U.S. equity futures sank on Thursday while bonds and the safe-haven U.S. dollar and Japanese yen were bid as mounting evidence of a U.S. slowdown fuelled worries for a global recession.

Investors were inclined to take money off the table after recent strong gains, and with many global markets off on Good Friday, when potentially pivotal U.S. monthly payrolls data is due.

Shortened week so we may well see a rise and dip play out as there will be reduced appetite to hold over the long weekend. Initially we have resistance at the 7680 level from the daily chart, and also the 2h just above at the 7690 coral line. As such we may well see any early rise stall in this area. The bulls would of course tough be keen to recapture the 7700 level ahead of the weekend.

It's not all doom and gloom though as the price is holding above the 25ema on the daily, which suggests that we may well see more bullishness after the extended Easter break. 7636 is the support level from that moving average so keep an eye on that area as it could be decent support.

Below 7630 the bears would likely be able to drop it down sub 6600 though and the next daily level at 7580 would come into play. I dont expect us to get that low today and in fact we may well see that 7630 level hold. The powers that be will certainly be trying to avoid too much of a decline ahead of the break.

With a bearish 2h chart though, we still have a short the rallies bias, and the 7680-90 level may well be a bit of a tough nut to crack today. If it did then above this is 7751 level on the daily chart (bear in mind that the 10d Raff channel is also still heading up, and also the 20d now too). The bearishness and bank woes (and 7200) are fading in the memory for the short term.

The 2h chart on the S&P500 is also bearish with 4120 as resistance. A rise to that then a drop would make sense for today, and then more upside if the bulls are able to keep defending the 4075 level where we have the bottom of the 10d Raff channel.

Likewise the Dax 2h chart is also showing a now red coral at 15675 so a rise to this area and then a drop back would also fit quite well. Basically a potential rise and dip across the board today. 15642 is the key fib, though we seem to be overshooting these fibs more on the Dax at the moment so a rise past that to test the 2h resistance and then drop back may well fit.

It's also the last day of the week so may well be a slightly more choppy one.

Good luck today and have a great long weekend!

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 FTSE100, 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 FTSE100, DAX40, Gold and S&P500.
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