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US Independence Day | FTSE 100 Drift higher | 7518 7508 7483 support | 7540 7587 resistance
The bulls managed a bit of a bounce off the 7525 level yesterday but then faltered as we are in the US holiday period to start the week. Today is their Independence Day break as well so we will probably have more of the same. Initially today we have support at the 7518 area with the 30m 200ema here, and I would quite like to see this hold initially for a rise towards the new 2h resistance level at the 7540 level.
7540 is the red 30m coral, along with the 2hr Hull MA here, so we may well see the bulls falter here. The bears will of course be keen to cement in a bear Tuesday today, and having had the bulls fail to push past the 25ema on the daily yesterday at the 7560 level will be feeling a bit stronger once again.
We may well stay within a fairly tight range with the USA closed today.