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NFP Friday with 7167 7180 7210 resistance | 7100 7080 support | Trading analysis

#1 · 2nd July 2021, 11:16 am

Quote from Nick on 2nd July 2021, 11:16 am
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
FTSE 100 live outlook prediction analysis for 2nd July 2021
Its NFP Friday today so a little bit of caution especially as the S&P is getting closer to its main short term resistance level at 4335. We may well see a "buy the rumour, sell the news" affair today, That may well take the S&P500 up to that resistance are where we may well see a stutter.
Initially today we may well get an initial dip from the off (i.e. 7am) down to the 7100 and possibly the 7080 support levels, or we get a slight kick up towards the 7167 fib level and then a bit of bearishness kicks in. 7145 is initial resistance too which is why I am 50/50 on whether the drops starts here or from the next resistance level up, Hedging your bets with a small initial short would work.
The 2hour chart remains bullish and has decent support at the 7080 level with a green coral line here as well now, together with the Hull moving average. As such should we see 7080 then I would like to see this level hold otherwise we will likely drop down the 7065 level, with 7030 below that.
7145 and then 7170 initial resistance levels to watch for today, and should the bulls break above the higher one then 7194 is next up where we have a fib level, an R2 at 7211 above that.
NFP news out at 13:30 as mentioned, forecast is 700k versus 559k previously. Unemployment rate is also released, with a slight drop to 5.7% forecasted.
We were a bit unlucky with the stops getting hit yesterday as both he dax and ftse did ultimately follow the plan, just popped a bit higher. Hopefully today we don't get a repeat! Good luck today and have a great weekend.
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Asian Session
A slide in Chinese equities and the regional spread of the delta Covid-19 variant weighed on Asia’s stock market Friday, restraining sentiment despite positive vaccine developments and a record U.S. close. Oil climbed.
China’s CSI 300 index tumbled following Thursday’s centennial celebrations for the Communist Party. Some investors viewed the event’s conclusion as increasing market risks. Shares rose in Japan and Australia. S&P 500 contracts were stable after the U.S. index posted its longest winning streak since February, helped by cyclical sectors like energy. Nasdaq 100 futures retreated.
Crude traded above $75 a barrel, around the highest since 2018, after the OPEC+ alliance descended into infighting, casting doubt on an agreement that could ease a surge in prices.
The dollar held a climb and Treasuries were little changed ahead of Friday’s monthly payrolls report, which will help guide views on when the Federal Reserve may start pulling back on stimulus. Philadelphia Fed President Patrick Harker said cutting asset purchases by $10 billion a month might be reasonable and that he favored starting the process this year, according to a report.
Investors are parsing data prints like the upcoming payrolls report for a sense of how close the Fed is to tapering policy accommodation as employment improves and inflationary pressures build. The International Monetary Fund said America’s central bank will likely begin to scale back asset purchases in the first half of 2022, and probably needs to raise interest rates later that year or in early 2023. [Bloomberg]
Recommended Broker
GoMarkets offer over 350 tradable CFD instruments including Forex, Shares, Indices and Commodities. Widely recognised as Australia’s first MT4 broker, they’ve since added MT5, mobile trading and a web-based version to the trading platform suite. CLICK HERE
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
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis

FTSE 100 live outlook prediction analysis for 2nd July 2021

Its NFP Friday today so a little bit of caution especially as the S&P is getting closer to its main short term resistance level at 4335. We may well see a "buy the rumour, sell the news" affair today, That may well take the S&P500 up to that resistance are where we may well see a stutter.

Initially today we may well get an initial dip from the off (i.e. 7am) down to the 7100 and possibly the 7080 support levels, or we get a slight kick up towards the 7167 fib level and then a bit of bearishness kicks in. 7145 is initial resistance too which is why I am 50/50 on whether the drops starts here or from the next resistance level up, Hedging your bets with a small initial short would work.

The 2hour chart remains bullish and has decent support at the 7080 level with a green coral line here as well now, together with the Hull moving average. As such should we see 7080 then I would like to see this level hold otherwise we will likely drop down the 7065 level, with 7030 below that.

7145 and then 7170 initial resistance levels to watch for today, and should the bulls break above the higher one then 7194 is next up where we have a fib level, an R2 at 7211 above that.

NFP news out at 13:30 as mentioned, forecast is 700k versus 559k previously. Unemployment rate is also released, with a slight drop to 5.7% forecasted.

We were a bit unlucky with the stops getting hit yesterday as both he dax and ftse did ultimately follow the plan, just popped a bit higher. Hopefully today we don't get a repeat! Good luck today and have a great weekend.

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Asian Session

A slide in Chinese equities and the regional spread of the delta Covid-19 variant weighed on Asia’s stock market Friday, restraining sentiment despite positive vaccine developments and a record U.S. close. Oil climbed.

China’s CSI 300 index tumbled following Thursday’s centennial celebrations for the Communist Party. Some investors viewed the event’s conclusion as increasing market risks. Shares rose in Japan and Australia. S&P 500 contracts were stable after the U.S. index posted its longest winning streak since February, helped by cyclical sectors like energy. Nasdaq 100 futures retreated.

Crude traded above $75 a barrel, around the highest since 2018, after the OPEC+ alliance descended into infighting, casting doubt on an agreement that could ease a surge in prices.

The dollar held a climb and Treasuries were little changed ahead of Friday’s monthly payrolls report, which will help guide views on when the Federal Reserve may start pulling back on stimulus. Philadelphia Fed President Patrick Harker said cutting asset purchases by $10 billion a month might be reasonable and that he favored starting the process this year, according to a report.

Investors are parsing data prints like the upcoming payrolls report for a sense of how close the Fed is to tapering policy accommodation as employment improves and inflationary pressures build. The International Monetary Fund said America’s central bank will likely begin to scale back asset purchases in the first half of 2022, and probably needs to raise interest rates later that year or in early 2023. [Bloomberg]

Recommended Broker

GoMarkets offer over 350 tradable CFD instruments including Forex, Shares, Indices and Commodities. Widely recognised as Australia’s first MT4 broker, they’ve since added MT5, mobile trading and a web-based version to the trading platform suite. CLICK HERE

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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