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New month money.... maybe | Fed rate decision 7pm | 7425 7390 support | 7460 7529 resistance | live trading

#1 · 1st May 2019, 10:37 am

Quote from Nick on 1st May 2019, 10:37 am
1st May 2019
Italy's economy has emerged from recession as the eurozone enjoyed a stronger-than-expected recovery during the first quarter.
GDP growth in the currency bloc accelerated to 0.4pc during the first three months of 2019, up from 0.2pc, as unemployment declined to its lowest level in more than 10 years. The pick-up across the region was led by Italy's rebound and Spain's strongest growth in more than a year.
Italy entered recession in the second half of 2018 as the populist government's budget battle with the EU dented confidence and pushed up borrowing costs.
The FTSE 100 was the biggest laggard on global markets yesterday afternoon after being put under pressure by the pound's strong rally. The index shed 22.44 points to close at 7,418.22.
Sterling has bounced back above $1.30 versus the dollar amid hopes of progress in cross-party Brexit talks between Labour and the Conservatives. Theresa May wants Brexit talks with Labour to be wrapped up by the middle of next week even if they are unsuccessful.
The pound rallied 0.9pc versus the weaker dollar to $1.3050, putting pressure on the FTSE 100's big exporting stocks. The wider index slid 0.5pc in the afternoon.

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FTSE 100 Trading Signals, Forecast and Prediction
Overnight, the FTSE futures have remained positive, and following Asia's lead, I expect that we will see a bit more bullishness follow through into today.
Initially though we have resistance at 7460, along with the daily at 7475 that we have had pencilled in all week. With R1 at 7469 as well, we may well see an initial stutter at this level. The powers that be may well drop it back from here, for more bulls to enter lower down, probably around the 7430 area where we have the daily pivot and the 30min coral (which is now green).
With the rise since 7392, the 2 hour chart has gone bullish again, after briefly getting bearish as the bears broke the 7425 level yesterday, and is now showing support at 7422. I have put the stop on my long from the pivot just below this level but I am thinking that the 7430 area will support things initially. In further support for the bulls the daily candles continue to have long tails on them, which shows buying pressure (buy the dip basically).
[caption id="attachment_14764" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]
If the bears were to break below the 7425 level then we have yesterdays low at 7392, but also the daily support at 7385 to watch. Below this then the daily support at 7350 I still on the radar, however the bottom of both the Raff channels are lining up at 7388, so I would expect this level to hold again. With the Apple results yesterday now out the way, focus will start to move towards NFP on Friday, and with the markets still looking positive we may well see a rise as we head towards that.
That said, there are some strong resistance levels in the way first, so still worth shorting off the 7460/75 and 7530 areas. If we do get a dip down the morning towards the 7425 level then a long also looks viable.
On the Brexit front, Theresa May will face sustained questions about her Brexit strategy in both public and private meetings Wednesday, as she begins to run out of possible moves. As well as her weekly Prime Minister’s Questions session at midday London time, she will have a further 90-minute hearing in front of parliamentary committee chairs at 3 p.m., and at some point in the afternoon is due to meet selected members of her cabinet to discuss where things go next.
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
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

1st May 2019

Italy's economy has emerged from recession as the eurozone enjoyed a stronger-than-expected recovery during the first quarter.

GDP growth in the currency bloc accelerated to 0.4pc during the first three months of 2019, up from 0.2pc, as unemployment declined to its lowest level in more than 10 years. The pick-up across the region was led by Italy's rebound and Spain's strongest growth in more than a year.

Italy entered recession in the second half of 2018 as the populist government's budget battle with the EU dented confidence and pushed up borrowing costs.

The FTSE 100 was the biggest laggard on global markets yesterday afternoon after being put under pressure by the pound's strong rally. The index shed 22.44 points to close at 7,418.22.

Sterling has bounced back above $1.30 versus the dollar amid hopes of progress in cross-party Brexit talks between Labour and the Conservatives. Theresa May wants Brexit talks with Labour to be wrapped up by the middle of next week even if they are unsuccessful.

The pound rallied 0.9pc versus the weaker dollar to $1.3050, putting pressure on the FTSE 100's big exporting stocks. The wider index slid 0.5pc in the afternoon.

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FTSE 100 Trading Signals, Forecast and Prediction

Overnight, the FTSE futures have remained positive, and following Asia's lead, I expect that we will see a bit more bullishness follow through into today.

Initially though we have resistance at 7460, along with the daily at 7475 that we have had pencilled in all week. With R1 at 7469 as well, we may well see an initial stutter at this level. The powers that be may well drop it back from here, for more bulls to enter lower down, probably around the 7430 area where we have the daily pivot and the 30min coral (which is now green).

With the rise since 7392, the 2 hour chart has gone bullish again, after briefly getting bearish as the bears broke the 7425 level yesterday, and is now showing support at 7422. I have put the stop on my long from the pivot just below this level but I am thinking that the 7430 area will support things initially. In further support for the bulls the daily candles continue to have long tails on them, which shows buying pressure (buy the dip basically).

[caption id="attachment_14764" align="aligncenter" width="821"] FTSE 100 Trading Signals, Forecast and Prediction[/caption]

If the bears were to break below the 7425 level then we have yesterdays low at 7392, but also the daily support at 7385 to watch. Below this then the daily support at 7350 I still on the radar, however the bottom of both the Raff channels are lining up at 7388, so I would expect this level to hold again. With the Apple results yesterday now out the way, focus will start to move towards NFP on Friday, and with the markets still looking positive we may well see a rise as we head towards that.

That said, there are some strong resistance levels in the way first, so still worth shorting off the 7460/75 and 7530 areas. If we do get a dip down the morning towards the 7425 level then a long also looks viable.

On the Brexit front, Theresa May will face sustained questions about her Brexit strategy in both public and private meetings Wednesday, as she begins to run out of possible moves. As well as her weekly Prime Minister’s Questions session at midday London time, she will have a further 90-minute hearing in front of parliamentary committee chairs at 3 p.m., and at some point in the afternoon is due to meet selected members of her cabinet to discuss where things go next.

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

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