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Stop hunt below 7000 yesterday with 7100 7125 7140 resistance | 7040 7000 6980 support

#1 · 9th July 2021, 10:29 am

Quote from Nick on 9th July 2021, 10:29 am
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
FTSE 100 live outlook prediction analysis for 9th July 2021
Well the bears had their fun yesterday that's for sure, but the bulls have fought back and held the price above the 7000 level. Initially today I wouldn't be surprised to see a climb towards the 7100 level and a test of the 2 hour resistance levels - 7088 and 7122 currently. We certainly got the buy the rumour sell the news play out after the FOMC on Wednesday night.
The S&P500 needs to push past the 4329 level where we have the 30m 200ema for today, and if they do then again a rise towards the 2 hour resistance levels at 4341 and 4350 could well play out. We have had a lot of Friday pumps recently and may well see the same again today, especially in the closing stages of the US session.
Initial resistance is at the daily pivot today at 7055 and I would like to see the bulls push past that first thing to test the 7092 -7100 resistance zone which is being shown by the 200ema and the key fib. We may well see the bears have another go here for a drop back down to the daily pivot, and in theory that should also then become 30m support as the moving averages are crossing to bull currently with 7036 (and rising) support.
Above 7100, then R1 at 7125 is next up and the higher of the 2h resistance levels. Above 7130 then we could be back looking at 7200 to 7225 as the latter is R2 and the top of the 10 day Raff channel, though I am not sure we will get that high today!
For the bears they will need to break the 7021 level initially as we may well see the 30m coral go green here first thing (its still red as I write this) and then the key fib at 6992. Below that then yesterdays low at 6980 is the line in the sand (and the bottom of the 10d Raff channel) - break that and we will likely head down to 6958 S1 and maybe as low as the next daily support at 6905.
That said for today I am thinking that we see a bit more bullishness across the board rather than another massive red day. Good luck today and have a good weekend.
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Asian Session
Asian shares followed U.S. equities lower Friday on growing anxiety that the spread of Covid-19 variants could hamper the global economic recovery. Treasuries trimmed a rally and the dollar edged up.
MSCI Inc.’s Asia-Pacific stock gauge tumbled to the lowest since mid-May with equities retreating from Japan to Australia. Economically sensitive sectors such as industrials and materials led the index lower. A Hong Kong gauge of Chinese stocks is on track for a bear market as Beijing clamps down on the tech sector. U.S. equity futures fell after the S&P 500 and Nasdaq 100 dipped from records.
Treasuries pared an overnight advance but the 10-year yield is still on course for one of its biggest weekly slides since June last year. At one point in U.S. hours the 30-year Treasury yield broke below 1.90% for the first time since February.
Oil headed for its biggest weekly loss since April. Bitcoin is again in the lower part of a trading range, emblematic of a reduced ardor for speculative investments like cryptocurrencies and meme stocks.
A key question now is whether investors will stick with the pandemic-era mantra of buying dips in risk assets, or interpret the bond-market rally as sign of a tougher economic outlook as the more infectious delta virus strain complicates the global reopening. [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
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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.
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 9th July 2021

Well the bears had their fun yesterday that's for sure, but the bulls have fought back and held the price above the 7000 level. Initially today I wouldn't be surprised to see a climb towards the 7100 level and a test of the 2 hour resistance levels - 7088 and 7122 currently. We certainly got the buy the rumour sell the news play out after the FOMC on Wednesday night.

The S&P500 needs to push past the 4329 level where we have the 30m 200ema for today, and if they do then again a rise towards the 2 hour resistance levels at 4341 and 4350 could well play out. We have had a lot of Friday pumps recently and may well see the same again today, especially in the closing stages of the US session.

Initial resistance is at the daily pivot today at 7055 and I would like to see the bulls push past that first thing to test the 7092 -7100 resistance zone which is being shown by the 200ema and the key fib. We may well see the bears have another go here for a drop back down to the daily pivot, and in theory that should also then become 30m support as the moving averages are crossing to bull currently with 7036 (and rising) support.

Above 7100, then R1 at 7125 is next up and the higher of the 2h resistance levels. Above 7130 then we could be back looking at 7200 to 7225 as the latter is R2 and the top of the 10 day Raff channel, though I am not sure we will get that high today!

For the bears they will need to break the 7021 level initially as we may well see the 30m coral go green here first thing (its still red as I write this) and then the key fib at 6992. Below that then yesterdays low at 6980 is the line in the sand (and the bottom of the 10d Raff channel) - break that and we will likely head down to 6958 S1 and maybe as low as the next daily support at 6905.

That said for today I am thinking that we see a bit more bullishness across the board rather than another massive red day. Good luck today and have a good weekend.

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Asian Session

Asian shares followed U.S. equities lower Friday on growing anxiety that the spread of Covid-19 variants could hamper the global economic recovery. Treasuries trimmed a rally and the dollar edged up.

MSCI Inc.’s Asia-Pacific stock gauge tumbled to the lowest since mid-May with equities retreating from Japan to Australia. Economically sensitive sectors such as industrials and materials led the index lower. A Hong Kong gauge of Chinese stocks is on track for a bear market as Beijing clamps down on the tech sector. U.S. equity futures fell after the S&P 500 and Nasdaq 100 dipped from records.

Treasuries pared an overnight advance but the 10-year yield is still on course for one of its biggest weekly slides since June last year. At one point in U.S. hours the 30-year Treasury yield broke below 1.90% for the first time since February.

Oil headed for its biggest weekly loss since April. Bitcoin is again in the lower part of a trading range, emblematic of a reduced ardor for speculative investments like cryptocurrencies and meme stocks.

A key question now is whether investors will stick with the pandemic-era mantra of buying dips in risk assets, or interpret the bond-market rally as sign of a tougher economic outlook as the more infectious delta virus strain complicates the global reopening. [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

[yikes-mailchimp form="4"]