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UK PMI Rises | 7990 7976 7957 support | 8027 8061 resistance | Bear Tuesday

#1 · 21st February 2023, 10:39 am

Quote from Nick on 21st February 2023, 10:39 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 21st February 2023
Check out IG for trading https://refer.ig.com/iA6I8q
Asian stocks edged lower on Tuesday as the prospect of the U.S. central bank having to stay on its hawkish path weighed on sentiment, with investors looking to the minutes of the latest Federal Reserve meeting for further monetary policy clues.
US and European equity futures declined along with Asian stocks on Tuesday as investors weighed the prospect of central banks tightening policy more than previously expected to tame inflation. Contracts for the S&P 500 and the Nasdaq 100 futures lost more than 0.3%, indicating further downward pressure for US stocks after declines last week. The MSCI Asia Pacific Index slid as much as 0.5% in mixed trading that saw Japanese shares swing between gains and losses.
With the US closed yesterday it was a bit of a quiet one as we floated around the 8000 level but managed a few points on the plan. For today, we may well see the bulls have a push higher, as the day after a US public holiday can more often than not be bullish. Initial support is at the 7993 level with both S1 and the 30m 200ema here, so the bulls would be keen to defend this and keep the price above the 8000 level.
Below 7993 then a slide down to 7960 looks possible as we retest Fridays low, and also the bottom of the 10d Raff channels and splitting S2 and S3 as 7976 and 7958 respectively.
For the bulls they will be looking to push up towards the key resistance level at 8027 to start with, but a break of that bodes well for a push up to the 8061 level and a test of R3 and also the next key daily resistance level.
That would keep things pretty optimistic, certainly for the FTSE100, though the S&P will have a bigger job on its hand to push through the resistance levels as the 4090 area is showing as strong resistance with a few elements here. Namely, the R2 and R3 levels, 30m 200ema and the red 2h coral that we havent tested as yet since the colour change. The 10 day Raff channel is also still heading down, so the US bulls are more on the back foot than their FTSE100 counterparts!
Gold continuing to slide could well be front running some more upside on the indices, though it's still all eyes on the FED and rate clues this week. The meeting minutes are released tomorrow and traders will be looking for clues to see if the next rate increase will be 25bps again.
So, looking for a bit of a rise on the cards at least initially, and ideally a test of the 8060 area before a pull back to towards the 8000 level again. Possibly a bit of bit the rumour, sell the news over today/tomorrow but keep a close eye on the S&P500 and how that plays out today.
Good luck!
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 21st February 2023

Check out IG for trading https://refer.ig.com/iA6I8q

Asian stocks edged lower on Tuesday as the prospect of the U.S. central bank having to stay on its hawkish path weighed on sentiment, with investors looking to the minutes of the latest Federal Reserve meeting for further monetary policy clues.

US and European equity futures declined along with Asian stocks on Tuesday as investors weighed the prospect of central banks tightening policy more than previously expected to tame inflation. Contracts for the S&P 500 and the Nasdaq 100 futures lost more than 0.3%, indicating further downward pressure for US stocks after declines last week. The MSCI Asia Pacific Index slid as much as 0.5% in mixed trading that saw Japanese shares swing between gains and losses.

With the US closed yesterday it was a bit of a quiet one as we floated around the 8000 level but managed a few points on the plan. For today, we may well see the bulls have a push higher, as the day after a US public holiday can more often than not be bullish. Initial support is at the 7993 level with both S1 and the 30m 200ema here, so the bulls would be keen to defend this and keep the price above the 8000 level.

Below 7993 then a slide down to 7960 looks possible as we retest Fridays low, and also the bottom of the 10d Raff channels and splitting S2 and S3 as 7976 and 7958 respectively.

For the bulls they will be looking to push up towards the key resistance level at 8027 to start with, but a break of that bodes well for a push up to the 8061 level and a test of R3 and also the next key daily resistance level.

That would keep things pretty optimistic, certainly for the FTSE100, though the S&P will have a bigger job on its hand to push through the resistance levels as the 4090 area is showing as strong resistance with a few elements here. Namely, the R2 and R3 levels, 30m 200ema and the red 2h coral that we havent tested as yet since the colour change. The 10 day Raff channel is also still heading down, so the US bulls are more on the back foot than their FTSE100 counterparts!

Gold continuing to slide could well be front running some more upside on the indices, though it's still all eyes on the FED and rate clues this week. The meeting minutes are released tomorrow and traders will be looking for clues to see if the next rate increase will be 25bps again.

So, looking for a bit of a rise on the cards at least initially, and ideally a test of the 8060 area before a pull back to towards the 8000 level again. Possibly a bit of bit the rumour, sell the news over today/tomorrow but keep a close eye on the S&P500 and how that plays out today.

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