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US CPI today with 8% forecasted | 7277 7300 7332 resistance | 7250 7220 support

#1 · 10th November 2022, 11:23 am

Quote from Nick on 10th November 2022, 11:23 am
FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help
FTSE100 live outlook prediction analysis for 10th November 2022
Asian stocks weakened after US shares fell and cryptocurrencies arrested a sharp decline that sapped risk appetite ahead of crucial inflation data due Thursday. Shares in Japan, China and Australia fell. US equity futures inched higher after the S&P 500 slumped Wednesday to end a three-day advance.
Bit of a lacklustre day on the S&P500 yesterday from the bulls point of view, while the FTSE100 was fairly benign and hovered in a 50 point range. Initially today we may well see a kick up ahead of the US CPI inflation data out at 1330 with a slight drop down from the previous figures forecasted. If higher then that may well see the markets drop a bit as the interest rate rises will likely continue apace.
Initial resistance is at the 7276 level where we have the daily pivot and also a further test of the 30m coral here, with 7321 key fib above that. We may well see a "buy the rumour" kick in this morning ahead of the data if they still expect it to come in lower than last month.
Above the 7321 level, and considering the current backdrop as the crypto market has another wobble (BTC was mooted as an inflation hedge a while back in the media...... opps), it might struggle to get much upside, but we have the R2 level at 7332 and then R3 at 7356. So fairly bunched levels in play for today. Thats as a result of the recent consolidation and lack of movement during the past 2 sessions.
Talking of BTC, a while back (about a year ago!) the 10k-12k area did flag up as support so if it does drop a bit lower to around this area then it may well be worth thinking about a long here.
Support wise today for the FTSE100, then 7243 is S1 and first up though the key fib and S2 level at the 7220 area look like they should give. decent hold if it got that low. That is also the bottom of the 10d Raff channel so I would like to see this area hold if it's seen.
The Raff channels, and in fact the daily EMAs as well, are still bullish suggesting that the bulls still have the momentum for the time being. The 7130 level is the new 25ema on the daily so possibly still a swing long level if seen soon.
Ironically it is the S&P500 that is the drag at the moment, giving up a lot of its recent gains after it climbed to the 3910 level. The bulls on Wall Street need to step up to the plate for the year end push!
Good luck today and don't forget CPI at 1330 - will see some moves then.
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FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 10th November 2022

Asian stocks weakened after US shares fell and cryptocurrencies arrested a sharp decline that sapped risk appetite ahead of crucial inflation data due Thursday. Shares in Japan, China and Australia fell. US equity futures inched higher after the S&P 500 slumped Wednesday to end a three-day advance.

Bit of a lacklustre day on the S&P500 yesterday from the bulls point of view, while the FTSE100 was fairly benign and hovered in a 50 point range. Initially today we may well see a kick up ahead of the US CPI inflation data out at 1330 with a slight drop down from the previous figures forecasted. If higher then that may well see the markets drop a bit as the interest rate rises will likely continue apace.

Initial resistance is at the 7276 level where we have the daily pivot and also a further test of the 30m coral here, with 7321 key fib above that. We may well see a "buy the rumour" kick in this morning ahead of the data if they still expect it to come in lower than last month.

Above the 7321 level, and considering the current backdrop as the crypto market has another wobble (BTC was mooted as an inflation hedge a while back in the media...... opps), it might struggle to get much upside, but we have the R2 level at 7332 and then R3 at 7356. So fairly bunched levels in play for today. Thats as a result of the recent consolidation and lack of movement during the past 2 sessions.

Talking of BTC, a while back (about a year ago!) the 10k-12k area did flag up as support so if it does drop a bit lower to around this area then it may well be worth thinking about a long here.

Support wise today for the FTSE100, then 7243 is S1 and first up though the key fib and S2 level at the 7220 area look like they should give. decent hold if it got that low. That is also the bottom of the 10d Raff channel so I would like to see this area hold if it's seen.

The Raff channels, and in fact the daily EMAs as well, are still bullish suggesting that the bulls still have the momentum for the time being. The 7130 level is the new 25ema on the daily so possibly still a swing long level if seen soon.

Ironically it is the S&P500 that is the drag at the moment, giving up a lot of its recent gains after it climbed to the 3910 level. The bulls on Wall Street need to step up to the plate for the year end push!

Good luck today and don't forget CPI at 1330 - will see some moves then.

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