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US closed for Thanksgiving today | 7000 6985 support | 7060 7090 7110 resistance | Trading help

#1 · 22nd November 2018, 10:59 am

Quote from Nick on 22nd November 2018, 10:59 am
22nd November 2018
Being long yesterday was certainly the right play as we trended up for most of the day after the initial dip down. The bulls managed to get a high of 7060, helped by the nearly 10 point dividend yesterday, and a small recovery in the US FAANG tech stocks and oil.
Global markets bounced back from the Wall Street “tech wreck” as Silicon Valley’s star stocks rallied, oil prices surged and speculation swirled around the Federal Reserve. The FAANG stocks - Facebook, Amazon, Apple, Netflix and Google - started to claw back losses from a two-day rout that sent them sliding into bear market territory. Apple halted its shares plunge but made only a lacklustre rebound amid fears of the giant reaching “peak iPhone”.
The wider market found a firmer footing after a MNI report claimed that the US central is mulling a pause in the brisk pace of its interest rate rises after recent stocks turmoil. Led higher by rebounding tech shares, the S&P 500 climbed 1.1pc in intraday trade in New York. Oil giants tracking crude prices higher helped the FTSE 100 record its strongest gain in two months in the global rally. The index jumped 102.31 points to close 7,050.23 after sinking to within just a dozen points of an eight-month low in Tuesday’s slump.
Stocks in Asia got a reprieve from the recent sell-off after a modest rebound in technology and energy shares underpinned gains in U.S. equities. The dollar slipped and Treasuries fluctuated as debate about the Federal Reserve softening its stance on raising interest rates gathered pace. Futures pointed to gains across Asia after most major U.S. equity benchmarks closed higher in light pre-Thanksgiving trading, although stocks did finish near session lows. Energy shares may be supported after crude oil rebounded from a one-year low. Apple Inc. surrendered an early rise to close down for a third straight day.
Federal Reserve Chairman Jerome Powell and his colleagues are likely to turn warier about marching interest rates higher after delivering a quarter percentage-point increase that is widely anticipated in December. Prospects for slowing global economic growth, fading U.S. fiscal stimulus and volatile financial markets all argue for more caution once officials lift rates next month near or into neutral territory, where policy neither spurs nor reins in economic activity. Investors have already reduced bets on how many times the central bank will hike next year, partly reflecting a more dovish tone from policy makers in the past week, though a move at next month’s meeting is still firmly priced in.
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FTSE 100 Trading Signals, Forecast and Prediction
We have initial resistance at the 7060 level this morning and may see an initial dip from this level to start with. Above this them 7089 and 7110 are the main resistance levels to watch for today. A break of 7060 will likely see a retest of last Fridays high at 7092 I fairly short order and a possible stall there. If we were to reach 7110 then a short there is also worth a go though not sure we reach that today. However, the ASX200 (Australia) has had a bullish Thursday and we may well follow suit, as the buy the dippers continue from yesterday. The recovery in the FAANGs, plus a possible delay to the planned rate rises in the US might help the bulls. Maybe they keep on hold in December which would help any "Santa Rally".
The US markets are closed today for Thanksgiving so we may drift higher in the absence of their influence.
On the support side of things, I am watching the 200ema on the 30min initially at 7012. We are also just above the daily pivot here at 7004. Should the bears break below 7000 again then I am looking at the now bullish 2 hour chart with support at the 6982 area.
Broker
IC Markets - If the increase in margin requirements means you need more liquidity you can trade offshore with one of the leading brokers outside of the EU. At the moment IC Markets is allowing sign ups from the UK.
Membership
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 Chat room and webinar group membership for discussion and realtime trade updates

22nd November 2018

Being long yesterday was certainly the right play as we trended up for most of the day after the initial dip down. The bulls managed to get a high of 7060, helped by the nearly 10 point dividend yesterday, and a small recovery in the US FAANG tech stocks and oil.

Global markets bounced back from the Wall Street “tech wreck” as Silicon Valley’s star stocks rallied, oil prices surged and speculation swirled around the Federal Reserve. The FAANG stocks - Facebook, Amazon, Apple, Netflix and Google - started to claw back losses from a two-day rout that sent them sliding into bear market territory. Apple halted its shares plunge but made only a lacklustre rebound amid fears of the giant reaching “peak iPhone”.

The wider market found a firmer footing after a MNI report claimed that the US central is mulling a pause in the brisk pace of its interest rate rises after recent stocks turmoil. Led higher by rebounding tech shares, the S&P 500 climbed 1.1pc in intraday trade in New York. Oil giants tracking crude prices higher helped the FTSE 100 record its strongest gain in two months in the global rally. The index jumped 102.31 points to close 7,050.23 after sinking to within just a dozen points of an eight-month low in Tuesday’s slump.

Stocks in Asia got a reprieve from the recent sell-off after a modest rebound in technology and energy shares underpinned gains in U.S. equities. The dollar slipped and Treasuries fluctuated as debate about the Federal Reserve softening its stance on raising interest rates gathered pace. Futures pointed to gains across Asia after most major U.S. equity benchmarks closed higher in light pre-Thanksgiving trading, although stocks did finish near session lows. Energy shares may be supported after crude oil rebounded from a one-year low. Apple Inc. surrendered an early rise to close down for a third straight day.

Federal Reserve Chairman Jerome Powell and his colleagues are likely to turn warier about marching interest rates higher after delivering a quarter percentage-point increase that is widely anticipated in December. Prospects for slowing global economic growth, fading U.S. fiscal stimulus and volatile financial markets all argue for more caution once officials lift rates next month near or into neutral territory, where policy neither spurs nor reins in economic activity. Investors have already reduced bets on how many times the central bank will hike next year, partly reflecting a more dovish tone from policy makers in the past week, though a move at next month’s meeting is still firmly priced in.

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FTSE 100 Trading Signals, Forecast and Prediction

We have initial resistance at the 7060 level this morning and may see an initial dip from this level to start with. Above this them 7089 and 7110 are the main resistance levels to watch for today. A break of 7060 will likely see a retest of last Fridays high at 7092 I fairly short order and a possible stall there. If we were to reach 7110 then a short there is also worth a go though not sure we reach that today. However, the ASX200 (Australia) has had a bullish Thursday and we may well follow suit, as the buy the dippers continue from yesterday. The recovery in the FAANGs, plus a possible delay to the planned rate rises in the US might help the bulls. Maybe they keep on hold in December which would help any "Santa Rally".

The US markets are closed today for Thanksgiving so we may drift higher in the absence of their influence.

On the support side of things, I am watching the 200ema on the 30min initially at 7012. We are also just above the daily pivot here at 7004. Should the bears break below 7000 again then I am looking at the now bullish 2 hour chart with support at the 6982 area.

Broker

IC Markets - If the increase in margin requirements means you need more liquidity you can trade offshore with one of the leading brokers outside of the EU. At the moment IC Markets is allowing sign ups from the UK.

Membership

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 Chat room and webinar group membership for discussion and realtime trade updates