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Start of month new money kick up with 7100 7130 7170 resistance | 7050 7020 support

#1 · 1st July 2021, 11:02 am

Quote from Nick on 1st July 2021, 11:02 am
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
FTSE 100 live outlook prediction analysis for 1st July 2021
The bulls are certainly hanging in there and the S&P looks like it might well get some more upside ahead of the NFP data tomorrow. A test of the R2 level at 4321 and possibly the fib just above at 4325 looks like it may well play out though we may have a pause here on any rise today till more "buy the rumour, sell the news" kicks in tomorrow.
First of the month and new quarter today so we should get an initial kick up on the FTSE100 and Dax first thing, and a rise towards the key fib and 2 hour coral around the 7100 level looks likely to start with. If the bulls cannot push past the 7111 R1 level then we may well see a bit of a dip down from there, probably towards the daily pivot at 7060, and possibly down to the S1 level at 7016.
The bulls will be keen to defend any dips though and if the 7020 area can be held then we should see more upside to end the week. A break of 7000 though and it remains a bearish outlook with S2 at 6965 and then the bottom of the Raffs at the 6950 area likely to be tested in fairly short order. Below that then S3 is 6922 for today.
If the bulls are able to break above the 7111 level then we should see that 7130 level that has been resistance for a while, and above that the 7165 level is the next key area, with 7206 R3 above that. I am not convinced we will be seeing that today though!
The ASX200 had a small rise and then a drop back and we may well have a similar pattern today. I would like to see the supports hold around the 7020 area and a push up across the board from there.
So for today, buy the dip looks like it should be the play, with a possible rise towards the 4325 level on the S&P over the course of today.
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Asian Session
Asian stocks slipped Thursday amid a firmer dollar as traders weighed signs that Covid-19 flareups are hampering some of the region’s manufacturing and looked ahead to a U.S. payrolls report.
Japan and China were among the major equity markets posting modest losses. Purchasing managers’ indexes suggested curbs imposed to fight the virus had sapped output in parts of Asia. U.S. and European equity contracts rose after the S&P 500 completed one of the best first halves since 1998 for U.S. shares.
The recent spread of the delta virus variant is tempering some of the optimism around the global recovery. The dollar advanced after its best month since March 2020 and Treasuries were steady. The payrolls report due Friday will provide a key gauge of economic progress, helping to shape expectations of when the Federal Reserve might start tapering stimulus.
Elsewhere, oil climbed ahead of a meeting between OPEC+ producers on output policy and as a stalemate in Iranian nuclear talks drags on.
Markets start the second half facing challenges from Covid-19 variants and the prospect of diminishing monetary policy support amid inflation pressures. That’s leading to predictions of a pickup in volatility and stirring questions about whether bets tied to economic reopening -- such as on cyclical stocks and higher longer-term Treasury yields -- will prosper. [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 1st July 2021

The bulls are certainly hanging in there and the S&P looks like it might well get some more upside ahead of the NFP data tomorrow. A test of the R2 level at 4321 and possibly the fib just above at 4325 looks like it may well play out though we may have a pause here on any rise today till more "buy the rumour, sell the news" kicks in tomorrow.

First of the month and new quarter today so we should get an initial kick up on the FTSE100 and Dax first thing, and a rise towards the key fib and 2 hour coral around the 7100 level looks likely to start with. If the bulls cannot push past the 7111 R1 level then we may well see a bit of a dip down from there, probably towards the daily pivot at 7060, and possibly down to the S1 level at 7016.

The bulls will be keen to defend any dips though and if the 7020 area can be held then we should see more upside to end the week. A break of 7000 though and it remains a bearish outlook with S2 at 6965 and then the bottom of the Raffs at the 6950 area likely to be tested in fairly short order. Below that then S3 is 6922 for today.

If the bulls are able to break above the 7111 level then we should see that 7130 level that has been resistance for a while, and above that the 7165 level is the next key area, with 7206 R3 above that. I am not convinced we will be seeing that today though!

The ASX200 had a small rise and then a drop back and we may well have a similar pattern today. I would like to see the supports hold around the 7020 area and a push up across the board from there.

So for today, buy the dip looks like it should be the play, with a possible rise towards the 4325 level on the S&P over the course of today.

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Asian Session

Asian stocks slipped Thursday amid a firmer dollar as traders weighed signs that Covid-19 flareups are hampering some of the region’s manufacturing and looked ahead to a U.S. payrolls report.

Japan and China were among the major equity markets posting modest losses. Purchasing managers’ indexes suggested curbs imposed to fight the virus had sapped output in parts of Asia. U.S. and European equity contracts rose after the S&P 500 completed one of the best first halves since 1998 for U.S. shares.

The recent spread of the delta virus variant is tempering some of the optimism around the global recovery. The dollar advanced after its best month since March 2020 and Treasuries were steady. The payrolls report due Friday will provide a key gauge of economic progress, helping to shape expectations of when the Federal Reserve might start tapering stimulus.

Elsewhere, oil climbed ahead of a meeting between OPEC+ producers on output policy and as a stalemate in Iranian nuclear talks drags on.

Markets start the second half facing challenges from Covid-19 variants and the prospect of diminishing monetary policy support amid inflation pressures. That’s leading to predictions of a pickup in volatility and stirring questions about whether bets tied to economic reopening -- such as on cyclical stocks and higher longer-term Treasury yields -- will prosper. [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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