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Slips from 7640 with 7610 resistance today | 7574 7532 support | 7653 resistance above

#1 · 6th June 2023, 9:13 am

Quote from Nick on 6th June 2023, 9:13 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 analysis & prediction for 6th June 2023
The FTSE100 closed roughly flat after a sharp decline during the late afternoon. It closed 0.1pc lower at 7,599.99. The blue-chip index sank after the Institute for Supply Management’s closely watched gauge of US services unexpectedly fell to the lowest level of the year. Combined with softer orders, the decline indicates service providers are experiencing sluggish demand. The mid-cap FTSE 250 index closed 0.19pc lower at 19,113.55.
Asian stock markets edged lower on Tuesday as economic data showed U.S. services sector unexpectedly softened, reinforcing expectations that the Federal Reserve may skip an interest rate hike when it meets next week.
Data overnight showed that the U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Federal Reserve’s fight against inflation.
The bears were a bit slow to get going off the 7640 resistance level yesterday and that area remains the line in the sand for the moment. We may well see a bit of a bear Tuesday kick in today as yesterday was pretty flat in the end, despite the bullish fight back from the 7580 level. Interestingly 7575 is showing as support to start with as we have the 2h Hull MA here, and also the 30m 200ema.
As such, we may well see an early climb from this support level to test the now red 30m coral and daily pivot around the 7606 level. That may well tie in with the S&P500 defending the 4270 2h support as well, for a rise to test the 4290 resistance.
Yesterday was basically a bit of a retrace of Fridays stellar rise, and as such setting up the next major move. The bulls tried to push on but the 7656 level capped the rise..... funny that! Both the Raff channels are now also declining, on the FTSE100 at least, so will need the S&P500 to help it rise further (Raff channels still heading up on that).
Above the 7610 area then the bulls would be looking to take it to 7640 again and possibly break the 7656 level. We have Jobless data out in the USA on Thursday and could well see dips get bought up ahead of that (but then maybe a sell off if the data disappoints).
Support wise for the FTSE100, 7575 as mentioned then below that a drop down to 7532 looks possible as we have S2 here and also a now green 2h coral support. If we were to drop this low today then a long here looks viable.
I am also watching the 4299 level on the S&P500 as that was the recent high from yesterday and is the level that the bulls will need to break.
So, for today keep an eye on 7610 and 7655 as the key resistance levels, 7575 and 7532 as the main supports.
Good luck!
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 analysis & prediction for 6th June 2023

The FTSE100 closed roughly flat after a sharp decline during the late afternoon. It closed 0.1pc lower at 7,599.99. The blue-chip index sank after the Institute for Supply Management’s closely watched gauge of US services unexpectedly fell to the lowest level of the year. Combined with softer orders, the decline indicates service providers are experiencing sluggish demand. The mid-cap FTSE 250 index closed 0.19pc lower at 19,113.55.

Asian stock markets edged lower on Tuesday as economic data showed U.S. services sector unexpectedly softened, reinforcing expectations that the Federal Reserve may skip an interest rate hike when it meets next week.

Data overnight showed that the U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Federal Reserve’s fight against inflation.

The bears were a bit slow to get going off the 7640 resistance level yesterday and that area remains the line in the sand for the moment. We may well see a bit of a bear Tuesday kick in today as yesterday was pretty flat in the end, despite the bullish fight back from the 7580 level. Interestingly 7575 is showing as support to start with as we have the 2h Hull MA here, and also the 30m 200ema.

As such, we may well see an early climb from this support level to test the now red 30m coral and daily pivot around the 7606 level. That may well tie in with the S&P500 defending the 4270 2h support as well, for a rise to test the 4290 resistance.

Yesterday was basically a bit of a retrace of Fridays stellar rise, and as such setting up the next major move. The bulls tried to push on but the 7656 level capped the rise..... funny that! Both the Raff channels are now also declining, on the FTSE100 at least, so will need the S&P500 to help it rise further (Raff channels still heading up on that).

Above the 7610 area then the bulls would be looking to take it to 7640 again and possibly break the 7656 level. We have Jobless data out in the USA on Thursday and could well see dips get bought up ahead of that (but then maybe a sell off if the data disappoints).

Support wise for the FTSE100, 7575 as mentioned then below that a drop down to 7532 looks possible as we have S2 here and also a now green 2h coral support. If we were to drop this low today then a long here looks viable.

I am also watching the 4299 level on the S&P500 as that was the recent high from yesterday and is the level that the bulls will need to break.

So, for today keep an eye on 7610 and 7655 as the key resistance levels, 7575 and 7532 as the main supports.

Good luck!

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