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NFP today 200k forecast | FTSE breaks 7220 | 7250 7311 resistance | 7188 7140 support

#1 · 4th November 2022, 9:44 am

Quote from Nick on 4th November 2022, 9:44 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 4th November 2022
It's NFP news out today which will have a bearing on the movement but the bulls are continuing to fight back for the moment, certainly on the FTSE100 which has pushed past the 7200 level overnight. We are just on R1 as I write this at 7240 so we could see a dip and rise play out this morning ahead of that news at 1230. The forecasted figure is 200k, with the unemployment rate rising to 3.6%. We shall see.
It was a good rise yesterday from the 7075 support level that the bulls have built on as the seasonality continues to play out. Buying the dips is still the preferred play for the moment, and after that rise yesterday the 2h chart has gone bullish again. That now has decent looking support at the 7186 level so should we get a dip down to here this morning then a long here looks set to be worth a go.
That level also ties in with the 30m coral which is now green and has the 7170 level as support.
Below that though then the bears will be looking to take it down towards S1 and the key fib at the 7100 level, though that feels rather pessimistic to end the week though with NFP out it is possible. Basically it pays to be a bit more cautious on NFP Fridays!
For the bulls they will be looking to break through 7240 as we should get a rise towards the R2 level at 7287, and possibly the top of the 10d Raff channel at 7311. Just above that we have daily resistance at the 7330 level as well so keep an eye on this. We could well get a rise towards that today though, again depending on the news at 1230.
S&P500
The S&P has struggled a little bit since dropping off the 3920 level, and the 10d Raff channel has started to head down, along with the price moving below the 25ema on the daily. The bulls really do have their work cut out now. The 2h chart is also bearish with the red coral resistance at the 3830 (and dropping steadily) level.
That said if the bulls can defend the 3731 daily pivot this morning then we may well see a rise towards the 3758 R1 level and possibly even a test of the 30m 200ema at 3788.
Good luck today, stay slightly cautious as NFP Fridays do have a tendency to surprise. Have a great 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 4th November 2022

It's NFP news out today which will have a bearing on the movement but the bulls are continuing to fight back for the moment, certainly on the FTSE100 which has pushed past the 7200 level overnight. We are just on R1 as I write this at 7240 so we could see a dip and rise play out this morning ahead of that news at 1230. The forecasted figure is 200k, with the unemployment rate rising to 3.6%. We shall see.

It was a good rise yesterday from the 7075 support level that the bulls have built on as the seasonality continues to play out. Buying the dips is still the preferred play for the moment, and after that rise yesterday the 2h chart has gone bullish again. That now has decent looking support at the 7186 level so should we get a dip down to here this morning then a long here looks set to be worth a go.

That level also ties in with the 30m coral which is now green and has the 7170 level as support.

Below that though then the bears will be looking to take it down towards S1 and the key fib at the 7100 level, though that feels rather pessimistic to end the week though with NFP out it is possible. Basically it pays to be a bit more cautious on NFP Fridays!

For the bulls they will be looking to break through 7240 as we should get a rise towards the R2 level at 7287, and possibly the top of the 10d Raff channel at 7311. Just above that we have daily resistance at the 7330 level as well so keep an eye on this. We could well get a rise towards that today though, again depending on the news at 1230.

S&P500
The S&P has struggled a little bit since dropping off the 3920 level, and the 10d Raff channel has started to head down, along with the price moving below the 25ema on the daily. The bulls really do have their work cut out now. The 2h chart is also bearish with the red coral resistance at the 3830 (and dropping steadily) level.

That said if the bulls can defend the 3731 daily pivot this morning then we may well see a rise towards the 3758 R1 level and possibly even a test of the 30m 200ema at 3788.

Good luck today, stay slightly cautious as NFP Fridays do have a tendency to surprise. Have a great 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