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Spring in its step with 7063 7110 7150 resistance | 7000 6990 support

#1 · 1st June 2021, 10:44 am

Quote from Nick on 1st June 2021, 10:44 am
FTSE 100 live outlook prediction analysis for 1st June 2021
Friday saw the FTSE 100 gain a very slight 2.94 points to 7,022.61, clocking off a relatively flat week of trading although it managed to close above the 7,000 level. Gains were led by housebuilders, including Taylor Wimpey, following Thursday’s slides. The mid cap FTSE 250 index rose 24.91 points to 22,683.95.
Bullish, No More
Investors are cutting their bullish bets on everything from crops to copper to natural gas. Hedge-fund holdings this week in 20 of the 23 commodities tracked in the Bloomberg Commodity Index fell by the most since November. Milder weather is raising the prospect of bigger harvests across the U.S., while also reducing demand for natural gas. Oil markets are bracing for bigger supplies. And China, the world’s biggest commodities buyer, is moving to contain high raw material prices. In sum, the seemingly relentless price rallies that some have described as a commodity supercycle are in doubt with bearish factors emerging amid inflation fears and demand concerns.
Asian Session
Stocks and equity futures were steady, commodities rose and the dollar dipped Tuesday amid optimism about the economic recovery from the pandemic. Treasury yields ticked higher.
MSCI Inc.’s gauge of Asian equities edged up to the highest level in over a month. Exports data helped South Korean stocks to a modest gain, Hong Kong rose and Japan inched lower. Sentiment was helped by reports signaling manufacturing grew in Asia in May despite Covid-19 flareups. S&P 500, Nasdaq 100 and European futures were little changed following a U.S. holiday.
The dollar weakened versus most Group of 10 peers, and the offshore yuan was stable following China’s latest effort to restrain the currency. The pound rallied to a three-year high on vaccine-led reopening optimism for the U.K. Australia’s dollar trimmed gains after the central bank left key policy settings unchanged.
Oil climbed after the OPEC+ alliance forecast a tightening market. Commodities from iron ore to copper also pushed higher, a reminder of the rising costs that are stoking concerns about faster inflation and possible reductions in stimulus.[Bloomberg]
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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
First day back after the extended weekend and with cable rising to 142+ it has tempered the FTSE 100 so far. With no bull Monday yesterday we may well omit the bear Tuesday today, however, the bulls are just managing to keep the price above 7000. The S&P also needs, ideally, to defend 4200 today for a rise towards the 4230 level, and ultimately the top of the Raff channels at the 4320 level early on in June.
That said, the 2h S&P chart has a red coral now at 4213 to start with so that is the key level for the bulls to break initially today.
The FTSE 2h chart is also bearish to start with and has resistance at 7018 but I am thinking that we will probably pop through this today for a test of the 7056 key fib level and R3 at 7063. 7060 is also daily resistance, with 7110 above that, and then the top of the 10d Raff at 7150. Can the bulls take it up there in early June in tandem with the US bulls?
Once again, we have jobs data later this week in the US and that will be watched to give an indication on the inflation outlook. That issue may well raise its head again soon (still 15% in reality!).
Initial support for the FTSE is at 6990 and in fact that level held overnight on the futures, with 6982 below that. The bulls will certainly keen to defend that level as a break of that will likely lead to a retest of the 6930 level and possibly the bottom of the 10 day Raff at 6888. Not expecting it to get that low today though!
So, looking for a rise towards the 7060 level today as the main play, probably after an initial dip down to that 6980 - 6990 area. As long as the key supports hold (4180-4200 S&P, and 6980 FTSE) then the bias is still bullish. Good luck today.
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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.
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FTSE 100 live outlook prediction analysis for 1st June 2021

Friday saw the FTSE 100 gain a very slight 2.94 points to 7,022.61, clocking off a relatively flat week of trading although it managed to close above the 7,000 level. Gains were led by housebuilders, including Taylor Wimpey, following Thursday’s slides. The mid cap FTSE 250 index rose 24.91 points to 22,683.95.

Bullish, No More

Investors are cutting their bullish bets on everything from crops to copper to natural gas. Hedge-fund holdings this week in 20 of the 23 commodities tracked in the Bloomberg Commodity Index fell by the most since November. Milder weather is raising the prospect of bigger harvests across the U.S., while also reducing demand for natural gas. Oil markets are bracing for bigger supplies. And China, the world’s biggest commodities buyer, is moving to contain high raw material prices. In sum, the seemingly relentless price rallies that some have described as a commodity supercycle are in doubt with bearish factors emerging amid inflation fears and demand concerns.

Asian Session

Stocks and equity futures were steady, commodities rose and the dollar dipped Tuesday amid optimism about the economic recovery from the pandemic. Treasury yields ticked higher.

MSCI Inc.’s gauge of Asian equities edged up to the highest level in over a month. Exports data helped South Korean stocks to a modest gain, Hong Kong rose and Japan inched lower. Sentiment was helped by reports signaling manufacturing grew in Asia in May despite Covid-19 flareups. S&P 500, Nasdaq 100 and European futures were little changed following a U.S. holiday.

The dollar weakened versus most Group of 10 peers, and the offshore yuan was stable following China’s latest effort to restrain the currency. The pound rallied to a three-year high on vaccine-led reopening optimism for the U.K. Australia’s dollar trimmed gains after the central bank left key policy settings unchanged.

Oil climbed after the OPEC+ alliance forecast a tightening market. Commodities from iron ore to copper also pushed higher, a reminder of the rising costs that are stoking concerns about faster inflation and possible reductions in stimulus.[Bloomberg]

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FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis

First day back after the extended weekend and with cable rising to 142+ it has tempered the FTSE 100 so far. With no bull Monday yesterday we may well omit the bear Tuesday today, however, the bulls are just managing to keep the price above 7000. The S&P also needs, ideally, to defend 4200 today for a rise towards the 4230 level, and ultimately the top of the Raff channels at the 4320 level early on in June.

That said, the 2h S&P chart has a red coral now at 4213 to start with so that is the key level for the bulls to break initially today.

The FTSE 2h chart is also bearish to start with and has resistance at 7018 but I am thinking that we will probably pop through this today for a test of the 7056 key fib level and R3 at 7063. 7060 is also daily resistance, with 7110 above that, and then the top of the 10d Raff at 7150. Can the bulls take it up there in early June in tandem with the US bulls?

Once again, we have jobs data later this week in the US and that will be watched to give an indication on the inflation outlook. That issue may well raise its head again soon (still 15% in reality!).

Initial support for the FTSE is at 6990 and in fact that level held overnight on the futures, with 6982 below that. The bulls will certainly keen to defend that level as a break of that will likely lead to a retest of the 6930 level and possibly the bottom of the 10 day Raff at 6888. Not expecting it to get that low today though!

So, looking for a rise towards the 7060 level today as the main play, probably after an initial dip down to that 6980 - 6990 area. As long as the key supports hold (4180-4200 S&P, and 6980 FTSE) then the bias is still bullish. Good luck today.

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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