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New month money... for a bit anyway | 7808 7837 7885 resistance | 7760 7699 support

#1 · 1st February 2023, 10:14 am

Quote from Nick on 1st February 2023, 10:14 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 1st February 2023
Asia's stock markets steadied on Wednesday, with signs of a slowdown in U.S. wages bolstering hopes that the Federal Reserve could hint at an end to interest rate hikes at its meeting later in the day. Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed's preferred wages gauge, the U.S. employment cost index, showed a 1% rise last quarter, its smallest increase in a year.
Another decent bounce off the 7715 support area, and also the small dip below 4000 on the S&P got bought up quickly. Didn't quite get down to test the 3990 bang on, but the bulls certainly fought back. We may well see an initial rise this morning as the new month money flows in, though we are not far below the key resistance at the 7813 level still. As such if we get a kick up to this area we could well see it turn back down here.
Above that then the bulls will be looking to take it to the 7836 level which is the next key resistance. The S&P is also not far off its next round number at 4100, and with R1 at 4098, we may well see it top out a bit there.
With the news flow this week swinging back to interest rate decisions, there will be a bit of caution, and also earning season continues. Meta is out later today.
Above 7840 then 7885 is next up though it feels like that may be a bit too much of a big ask for today. Bear it in mind though if seen, then a short here is also worth a go.
Support wise, the 2h chart is bullish once again after yesterday's rise, and has decent support from the Hull MA and the coral at the 7760 area. As such, I would like to see this hold on any dip this morning to act as a springboard for a test of those upper resistance levels.
Below this though and then once again 7715 comes into play, and we have the key fib at 7699 if there is a slight overshoot. Below that though and then 7669 is S1 and 7678 for daily support. I don't think we will go below that today and in fact may not even get that low if the bulls can build on yesterdays rise.
Ultimately as they are so close I think they may well try for the all time highs in due course, at 7920ish. Can we test 8000 in Q1?!
So for today, keep an eye on the 7760 level to start with and let see of we get a rise and dip. Will be all eyes on the Fed at 19:00 this evening for their rate increase, with 25bps expected. The conference at 19:30 will be watched for clues and future rate guidance so that may well lead to a bit of chop. ECB and BoE rate news tomorrow. Was yesterdays rise those that know in advance getting in early though.............
Good luck today.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 1st February 2023

Asia's stock markets steadied on Wednesday, with signs of a slowdown in U.S. wages bolstering hopes that the Federal Reserve could hint at an end to interest rate hikes at its meeting later in the day. Wall Street indexes had rallied, as had bonds to a lesser extent, while the dollar gave up gains overnight when the Fed's preferred wages gauge, the U.S. employment cost index, showed a 1% rise last quarter, its smallest increase in a year.

Another decent bounce off the 7715 support area, and also the small dip below 4000 on the S&P got bought up quickly. Didn't quite get down to test the 3990 bang on, but the bulls certainly fought back. We may well see an initial rise this morning as the new month money flows in, though we are not far below the key resistance at the 7813 level still. As such if we get a kick up to this area we could well see it turn back down here.

Above that then the bulls will be looking to take it to the 7836 level which is the next key resistance. The S&P is also not far off its next round number at 4100, and with R1 at 4098, we may well see it top out a bit there.

With the news flow this week swinging back to interest rate decisions, there will be a bit of caution, and also earning season continues. Meta is out later today.

Above 7840 then 7885 is next up though it feels like that may be a bit too much of a big ask for today. Bear it in mind though if seen, then a short here is also worth a go.

Support wise, the 2h chart is bullish once again after yesterday's rise, and has decent support from the Hull MA and the coral at the 7760 area. As such, I would like to see this hold on any dip this morning to act as a springboard for a test of those upper resistance levels.

Below this though and then once again 7715 comes into play, and we have the key fib at 7699 if there is a slight overshoot. Below that though and then 7669 is S1 and 7678 for daily support. I don't think we will go below that today and in fact may not even get that low if the bulls can build on yesterdays rise.

Ultimately as they are so close I think they may well try for the all time highs in due course, at 7920ish. Can we test 8000 in Q1?!

So for today, keep an eye on the 7760 level to start with and let see of we get a rise and dip. Will be all eyes on the Fed at 19:00 this evening for their rate increase, with 25bps expected. The conference at 19:30 will be watched for clues and future rate guidance so that may well lead to a bit of chop. ECB and BoE rate news tomorrow. Was yesterdays rise those that know in advance getting in early 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 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

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