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US closed for Presidents Day | 6670 6710 resistance | 6575 6540 support

#1 · 15th February 2021, 10:15 am

Quote from Nick on 15th February 2021, 10:15 am
FTSE 100 live outlook prediction analysis for 15th February 2021
US markets are closed today for Presidents Day, however that hasn't stopped the futures prices marching onward!
Healthcare stocks helped push London markets higher on Friday, as traders remained optimistic over a vaccine-led recovery despite weak economic data. Helping sentiment was the UK’s “R” value dropping below one for the first time since last July, and the Government confirming it will issue a road map out of lockdown on Feb 22.

The benchmark FTSE 100 index added 61.07 points to clock its highest level in two weeks of 6,589.79, and its second straight weekly rise.
Blue-chips swung into positive territory in the afternoon and continued to rise steadily until the close – though they struggled to make huge gains – as investors shrugged off a historic slump for the UK economy last year. While the economy avoided a dreaded and anticipated double-dip recession by adding 1pc in the fourth quarter of 2020, the UK still shrank by 9.9pc through the entirety of last year in its worst contraction since 1709. The more domestically focused FTSE 250 broke into the green late on, ending up a slight 19.62 points at 21,037.47.
Unstoppable Bitcoin
Bitcoin reached a new record on Sunday, rising above $49,000 for the first time. The world’s largest cryptocurrency reached about $49,694 earlier in the day. It’s now up almost 70% so far this year. Bitcoin has been buoyed in recent months by endorsements from the likes of Paul Tudor Jones and Stan Druckenmiller. Morgan Stanley may bet on Bitcoin in its $150 billion investment arm, following news late last week that BNY Mellon plans to service cryptocurrencies for its clients.
Market Open
Stocks in Asia looked set to begin the week on the front foot during signs that the pace of coronavirus outbreaks in the U.S. are continuing to slow. The kiwi dipped after New Zealand locked down Auckland as it investigates three new Covid-19 cases. U.S. markets are shut for Presidents’ Day, while exchanges in China, Hong Kong and Taiwan are also shut on Monday. Bitcoin approached $50,000. The reflation trade remains alive and well — global equities ended Friday at a record high, with the MSCI World Index up about 6% this year, while the Treasury yield curve tested the steepest levels in more than five years.[Bloomberg]
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US & Asia Overnight from Bloomberg
Stocks rose Monday as the vaccine rollout and slowing virus outbreaks spurred bets on a global recovery. West Texas Intermediate crude topped $60 a barrel amid an arctic freeze in parts of the U.S.
South Korean and Japanese shares led Asia higher, with the Nikkei 225 hitting 30,000 for the first time since 1990. Data showed Japan’s economic expansion beat expectations. S&P 500 and European futures advanced. The dollar fell.
U.S. markets are shut for Presidents’ Day, while exchanges in China and Hong Kong are also closed Monday. Treasury futures dipped in Asian trading, and Australian bonds slumped after U.S. yields jumped Friday. The pound reached the highest since April 2018. Bitcoin slipped after a weekend rally that took the cryptocurrency to a record of almost $50,000.
The reflation trade remains alive and well: global equities are on course to rise for 11 straight sessions, and the Treasury yield curve has tested the steepest levels in more than five years. Investors are banking on U.S. government spending and the coronavirus vaccine rollout to boost the economic recovery, though new variants are threatening to temper the outlook.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Strong start to the week as Bull Monday sets in, and the S&P continues its push to new highs, even out of hours! With the US closed today for Presidents Day we may see a slightly flatter day (famous last words) and the FTSE tread water a bit around the 6600 area.
I am looking at initial resistance at the R1 and key fib level of 6665 to start with today and we may well get a bit of a drop from here, down to test the daily pivot. We also have the 6635 daily resistance level in play as I write this and has generally held as resistance overnight.
With the bullish end to Friday the 2 hour chart has gone bullish again, with decent support showing from both the Hull moving average and the coral at the 6540/65550 level. As such if we get a drop down to this area (decent 200 point range again) then we may well see a bounce here. Friday's rise managed to break above the 25ema on the daily that we had dropped off previously, at 6572, and that area may well now become support as well.
Talking of support, the daily pivot and the 30m min coral are also at the 6575 area and just above the 3m 200ema at 6550 so I would like to see this area hold any test today if we are going to stay bullish. Of course, a break of 6540 and then the bulls will be on the back foot as the bears will be looking to take it down to 6460 again.
If the bulls were to push on today however and push past the 6670 level then 6707 is the top of the 20d Raff channel, and we could see a bearish reaction there if it got that high today.
So, watching 6670 and 6710ish as the main resistance levels for today. 6570 and 6540 as the main supports. Good luck today.
Recommended Broker

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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.
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FTSE 100 live outlook prediction analysis for 15th February 2021

US markets are closed today for Presidents Day, however that hasn't stopped the futures prices marching onward!

Healthcare stocks helped push London markets higher on Friday, as traders remained optimistic over a vaccine-led recovery despite weak economic data. Helping sentiment was the UK’s “R” value dropping below one for the first time since last July, and the Government confirming it will issue a road map out of lockdown on Feb 22.

The benchmark FTSE 100 index added 61.07 points to clock its highest level in two weeks of 6,589.79, and its second straight weekly rise.
Blue-chips swung into positive territory in the afternoon and continued to rise steadily until the close – though they struggled to make huge gains – as investors shrugged off a historic slump for the UK economy last year. While the economy avoided a dreaded and anticipated double-dip recession by adding 1pc in the fourth quarter of 2020, the UK still shrank by 9.9pc through the entirety of last year in its worst contraction since 1709. The more domestically focused FTSE 250 broke into the green late on, ending up a slight 19.62 points at 21,037.47.

Unstoppable Bitcoin

Bitcoin reached a new record on Sunday, rising above $49,000 for the first time. The world’s largest cryptocurrency reached about $49,694 earlier in the day. It’s now up almost 70% so far this year. Bitcoin has been buoyed in recent months by endorsements from the likes of Paul Tudor Jones and Stan Druckenmiller. Morgan Stanley may bet on Bitcoin in its $150 billion investment arm, following news late last week that BNY Mellon plans to service cryptocurrencies for its clients.

Market Open

Stocks in Asia looked set to begin the week on the front foot during signs that the pace of coronavirus outbreaks in the U.S. are continuing to slow. The kiwi dipped after New Zealand locked down Auckland as it investigates three new Covid-19 cases. U.S. markets are shut for Presidents’ Day, while exchanges in China, Hong Kong and Taiwan are also shut on Monday. Bitcoin approached $50,000. The reflation trade remains alive and well — global equities ended Friday at a record high, with the MSCI World Index up about 6% this year, while the Treasury yield curve tested the steepest levels in more than five years.[Bloomberg]

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US & Asia Overnight from Bloomberg

Stocks rose Monday as the vaccine rollout and slowing virus outbreaks spurred bets on a global recovery. West Texas Intermediate crude topped $60 a barrel amid an arctic freeze in parts of the U.S.

South Korean and Japanese shares led Asia higher, with the Nikkei 225 hitting 30,000 for the first time since 1990. Data showed Japan’s economic expansion beat expectations. S&P 500 and European futures advanced. The dollar fell.

U.S. markets are shut for Presidents’ Day, while exchanges in China and Hong Kong are also closed Monday. Treasury futures dipped in Asian trading, and Australian bonds slumped after U.S. yields jumped Friday. The pound reached the highest since April 2018. Bitcoin slipped after a weekend rally that took the cryptocurrency to a record of almost $50,000.

The reflation trade remains alive and well: global equities are on course to rise for 11 straight sessions, and the Treasury yield curve has tested the steepest levels in more than five years. Investors are banking on U.S. government spending and the coronavirus vaccine rollout to boost the economic recovery, though new variants are threatening to temper the outlook.

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

Strong start to the week as Bull Monday sets in, and the S&P continues its push to new highs, even out of hours! With the US closed today for Presidents Day we may see a slightly flatter day (famous last words) and the FTSE tread water a bit around the 6600 area.

I am looking at initial resistance at the R1 and key fib level of 6665 to start with today and we may well get a bit of a drop from here, down to test the daily pivot. We also have the 6635 daily resistance level in play as I write this and has generally held as resistance overnight.

With the bullish end to Friday the 2 hour chart has gone bullish again, with decent support showing from both the Hull moving average and the coral at the 6540/65550 level. As such if we get a drop down to this area (decent 200 point range again) then we may well see a bounce here. Friday's rise managed to break above the 25ema on the daily that we had dropped off previously, at 6572, and that area may well now become support as well.

Talking of support, the daily pivot and the 30m min coral are also at the 6575 area and just above the 3m 200ema at 6550 so I would like to see this area hold any test today if we are going to stay bullish. Of course, a break of 6540 and then the bulls will be on the back foot as the bears will be looking to take it down to 6460 again.

If the bulls were to push on today however and push past the 6670 level then 6707 is the top of the 20d Raff channel, and we could see a bearish reaction there if it got that high today.

So, watching 6670 and 6710ish as the main resistance levels for today. 6570 and 6540 as the main supports. 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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