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Possible bear Tuesday after the 7140 drop | 7060 7035 support | 7115 7159 resistance

#1 · 12th October 2021, 10:08 am

Quote from Nick on 12th October 2021, 10:08 am
FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook
Nice rise from the 7070 to just above the 7140 level yesterday for a fairly decent bull Monday overall. However then bears appeared later in the day and overnight have taken it back below 7100. The S&P500 also weakened considerably from the 4415 level after closing the gap. Are we on for a bear Tuesday?!
Stocks and U.S. equity futures fell Tuesday, hurt by concerns about elevated inflation stoked by energy costs and the possibility of a widening Chinese crackdown on private industry. Treasury yields were steady. Oil held above $80 a barrel amid a power crisis from Europe to Asia.
The 10-year U.S. Treasury yield was little changed as the cash market reopened from a holiday. Aside from inflation, investors also face a looming reduction in Federal Reserve bond purchases. The dollar held an advance.
Global markets are struggling to shake off worries that inflation spurred by an energy crunch and pandemic-related supply-chain snarls will sap company profits and economic expansion. Financial firms this week will kick off the third-quarter earnings season, heralding a key test of investor confidence.
FTSE 100 live outlook prediction analysis for 12th October 2021
The FTSE100 bears have finally dropped it off the 7140 level with a bit more conviction and we could well be on a path down to test the 7035 daily support level next.
That said, there is a bit of hope for the bulls to start with as we have a green 2h coral at 7081 for support and whilst we got near this line on Friday evening we haven't actually tested it as yet. With the price of oil remaining high the FTSE has managed to shake off the bearishness on the S&P so far. That said, I wouldn't rule out a bear Tuesday today!
So, if the bears break 7080 then it's looking like a fairly quick slide down to S1 and the key fib at 7058, with 7035 below that. I would like to see this lower level hold, as that may well tie in with a test of the 4315 S&P500 daily support level - and we could well see a bounce there. That may well bring the FTSE100 back up towards the daily pivot at 7100.
Below the 7035 level then the bears will be looking to break 7000 and 6995 is the next daily support - having fought so hard recently they wont want to let it go that easily I would imagine. We then have the bottom fo the 10 day Raff channel in play at 6962 though I dont think we will get that low today. the Raff Channels are still heading up at the moment. The daily 25ema is at 7072 and now they have gone bullish (and climbed off the first test of that MA at 7070 yesterday) they will want to try and keep the bullish momentum going.
For the bulls, a break above the 7115 level will likely see a retest of yesterdays high at 7150 and we also have R1 here today to start with. Above that the key fib is at 7159 so pretty close, but if the bulls were to start pushing it up then the daily resistance level of 7211 would loom into view. Not expecting that either today though! More likely to be bearish today.
So, looking like short the rallies today especially if 7115 seen, for a drop down towards 7035. Good luck today.
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FTSE 100 Analysis | Trading Signals | Forecast | Prediction | FTSE 100 Outlook

Nice rise from the 7070 to just above the 7140 level yesterday for a fairly decent bull Monday overall. However then bears appeared later in the day and overnight have taken it back below 7100. The S&P500 also weakened considerably from the 4415 level after closing the gap. Are we on for a bear Tuesday?!

Stocks and U.S. equity futures fell Tuesday, hurt by concerns about elevated inflation stoked by energy costs and the possibility of a widening Chinese crackdown on private industry. Treasury yields were steady. Oil held above $80 a barrel amid a power crisis from Europe to Asia.

The 10-year U.S. Treasury yield was little changed as the cash market reopened from a holiday. Aside from inflation, investors also face a looming reduction in Federal Reserve bond purchases. The dollar held an advance.

Global markets are struggling to shake off worries that inflation spurred by an energy crunch and pandemic-related supply-chain snarls will sap company profits and economic expansion. Financial firms this week will kick off the third-quarter earnings season, heralding a key test of investor confidence.

FTSE 100 live outlook prediction analysis for 12th October 2021

The FTSE100 bears have finally dropped it off the 7140 level with a bit more conviction and we could well be on a path down to test the 7035 daily support level next.

That said, there is a bit of hope for the bulls to start with as we have a green 2h coral at 7081 for support and whilst we got near this line on Friday evening we haven't actually tested it as yet. With the price of oil remaining high the FTSE has managed to shake off the bearishness on the S&P so far. That said, I wouldn't rule out a bear Tuesday today!

So, if the bears break 7080 then it's looking like a fairly quick slide down to S1 and the key fib at 7058, with 7035 below that. I would like to see this lower level hold, as that may well tie in with a test of the 4315 S&P500 daily support level - and we could well see a bounce there. That may well bring the FTSE100 back up towards the daily pivot at 7100.

Below the 7035 level then the bears will be looking to break 7000 and 6995 is the next daily support - having fought so hard recently they wont want to let it go that easily I would imagine. We then have the bottom fo the 10 day Raff channel in play at 6962 though I dont think we will get that low today. the Raff Channels are still heading up at the moment. The daily 25ema is at 7072 and now they have gone bullish (and climbed off the first test of that MA at 7070 yesterday) they will want to try and keep the bullish momentum going.

For the bulls, a break above the 7115 level will likely see a retest of yesterdays high at 7150 and we also have R1 here today to start with. Above that the key fib is at 7159 so pretty close, but if the bulls were to start pushing it up then the daily resistance level of 7211 would loom into view. Not expecting that either today though! More likely to be bearish today.

So, looking like short the rallies today especially if 7115 seen, for a drop down towards 7035. Good luck today.

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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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