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More upside with the bulls breaking 7200 | 7243 7265 resistance | Option Expiry | 7205 7160 support

#1 · 15th October 2021, 10:22 am

Quote from Nick on 15th October 2021, 10:22 am
FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook
Well the FTSE100 firmly broke above 7200 and stayed there yesterday, while the S&P bulls finally broke 4400 and also kept it rising. As per yesterdays email it all looks bullish still and I expect more upside today.
Bank of England policymaker Catherine Mann has said she “can wait” on tightening the interest rate, but also said a global supply chain crisis could leave British companies with more pricing power.
Stocks pushed higher Friday with U.S. and European equity futures, bolstered by robust corporate earnings and China’s move to loosen restrictions on home loans at some of its largest banks.
Japanese equities outperformed amid a dip in the yen, while both Hong Kong and China gained, following the S&P 500’s best day since March. Results from major Wall Street banks beat estimates, U.S. producer prices advanced at the slowest pace this year and initial jobless claims fell, boosting sentiment.
FTSE 100 live outlook prediction analysis for 15th October 2021
We have option expiry again today so expect a bit of chop at 10:10 this morning. The bulls have continued that push higher and a move above the 7210 level has stuck, and bodes well for more upside, but I wouldn't be surprised if we get a bit of a drop back first as its got a bit over extended. That said, it may want to spike higher to hoover up some stops on the shorts that are still holding.
The S&P has broken above the 4400 level pretty convincingly and is on track to test the top of the Raff channels at 4474-4480 and the daily coral at the 4477 level now. I am thinking that we may well see a reaction here as this would be the first test of the daily coral since its been red. Being the top of Raffs should lend some weight to a reaction as well. With the strength the 2h chart is bullish so a drop back to test the supports at the 4390 (and rising strongly) Hull MA so say around 4400 later would make sense. We also have a green coral with support at 4375 on that lower down.
For the FTSE100, I am thinking that we will get a dip and rise play out, similar to the ASX200 today. There is good support at the 7200 level (and a back test of the 7210 level too) as we have the daily pivot here, along with the Hull MA on the 2h. Been a strong rise from the 7070 daily support earlier this week so it could do with a bit of a cool off so it doesn't get too over extended and also cool off the RSI - the daily is at 71 already. All still bodes well for the 7500ish year end though, as its shaking off the fears/climbing the wall of worry as it usually does!
Initial resistance is at R1 at 7243, and then we have 7265 above that, with the top of the Raffs above at 7330 - I dont think we will get that high today as its Friday but you never know! I would expect a stutter at the 7265 area with R2 here.
For the bears they will be looking to break the 7200 level as that would likely open up a test of the 7160 level where we have the key fib and the 200ema on the 30m. The 2h coral is also here, though wouldn't be the first test since its been green so not as strong as it can be. Below that then 7122 is S3 and also daily support, with the 25ema on the daily rising to coincide with this level later (its current 7105).
So, bulls will be looking to keep the momentum but a dip and rise may well play out today. Have a great weekend.
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FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook

Well the FTSE100 firmly broke above 7200 and stayed there yesterday, while the S&P bulls finally broke 4400 and also kept it rising. As per yesterdays email it all looks bullish still and I expect more upside today.

Bank of England policymaker Catherine Mann has said she “can wait” on tightening the interest rate, but also said a global supply chain crisis could leave British companies with more pricing power.

Stocks pushed higher Friday with U.S. and European equity futures, bolstered by robust corporate earnings and China’s move to loosen restrictions on home loans at some of its largest banks.

Japanese equities outperformed amid a dip in the yen, while both Hong Kong and China gained, following the S&P 500’s best day since March. Results from major Wall Street banks beat estimates, U.S. producer prices advanced at the slowest pace this year and initial jobless claims fell, boosting sentiment.

FTSE 100 live outlook prediction analysis for 15th October 2021

We have option expiry again today so expect a bit of chop at 10:10 this morning. The bulls have continued that push higher and a move above the 7210 level has stuck, and bodes well for more upside, but I wouldn't be surprised if we get a bit of a drop back first as its got a bit over extended. That said, it may want to spike higher to hoover up some stops on the shorts that are still holding.

The S&P has broken above the 4400 level pretty convincingly and is on track to test the top of the Raff channels at 4474-4480 and the daily coral at the 4477 level now. I am thinking that we may well see a reaction here as this would be the first test of the daily coral since its been red. Being the top of Raffs should lend some weight to a reaction as well. With the strength the 2h chart is bullish so a drop back to test the supports at the 4390 (and rising strongly) Hull MA so say around 4400 later would make sense. We also have a green coral with support at 4375 on that lower down.

For the FTSE100, I am thinking that we will get a dip and rise play out, similar to the ASX200 today. There is good support at the 7200 level (and a back test of the 7210 level too) as we have the daily pivot here, along with the Hull MA on the 2h. Been a strong rise from the 7070 daily support earlier this week so it could do with a bit of a cool off so it doesn't get too over extended and also cool off the RSI - the daily is at 71 already. All still bodes well for the 7500ish year end though, as its shaking off the fears/climbing the wall of worry as it usually does!

Initial resistance is at R1 at 7243, and then we have 7265 above that, with the top of the Raffs above at 7330 - I dont think we will get that high today as its Friday but you never know! I would expect a stutter at the 7265 area with R2 here.

For the bears they will be looking to break the 7200 level as that would likely open up a test of the 7160 level where we have the key fib and the 200ema on the 30m. The 2h coral is also here, though wouldn't be the first test since its been green so not as strong as it can be. Below that then 7122 is S3 and also daily support, with the 25ema on the daily rising to coincide with this level later (its current 7105).

So, bulls will be looking to keep the momentum but a dip and rise may well play out today. Have a great weekend.

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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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