Quote from Nick on 5th July 2021, 11:29 am

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

FTSE 100 live outlook prediction analysis for 5th July 2021

The US has a public holiday today so we may well drift a bit more today. I am expecting an initial dip down to the 7100 level and then hopefully bounce there up towards the 7150 level or higher. 7111 is the Hull moving average support on the 2 hour chart to start with, and then we have the better looking support from the 2h coral (now green) at 7095. As long as that 7100 area holds then we should get some more upside this week and the Raff channels are back heading up as well.

The S&P is certainly consolidating its gains at the moment and a rise towards the 4360 area does look possible. The bulls, well algorithms anyway, will try and defend the 4333 30m coral support initially I expect, and we also have the Hull MA on the 2h at 4328 and rising so it would make sense for this area to hold support for another push higher.

Back to the FTSE100 and if the bears were to break below the 7095 level then 7081 is S2 and would likely to be seen, as we also have daily support at 7085. Lower down, 7065 and the key fib at 7057 would be the next area of note, but I would like to see the bulls step up before we got that low today. Could we get a bull Monday? Boris Johnson is set to lay out further easing measures at a 5pm press conference this evening, and the push to living our lives in parallel with Covid rather than trying to outrun it will probably feature.

For the bulls, if they push past the 7160 level where we have R1 and the key fib then 7188 is the next main level of note, and just shy of the round number 7200 which the bulls would be keen to recapture.

So looking at a bit of a dip and rise to play out today. Good luck today, watch 7100 and 7085 as the key supports, 7160 as the main resistance above the 30m coral at 7135.

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Asian Session

Asian stocks were steady Monday after U.S. equities extended a rally on speculation the Federal Reserve has scope to continue providing substantial stimulus support. Oil dipped amid OPEC+ tension.

Shares slipped in Japan and Hong Kong, and fluctuated in China, where cybersecurity probes into ride-hailing giant Didi Chuxing as well as some other online platforms highlighted Beijing’s push to curb the influence of the nation’s internet companies. Chinese technology firms fell in Hong Kong.
The S&P 500 reached a record for a seventh day Friday after a U.S. jobs report signaled the economy is gaining steam but not at a pace that would prompt the central bank to taper stimulus quickly. U.S. equity contracts edged down. U.S. stock and bond markets are closed for the July 4 Independence Day holiday.

Oil was around $75 a barrel amid an OPEC+ dispute. The standoff between Saudi Arabia and the United Arab Emirates leaves the global economy guessing how much oil it will get next month.

While the U.S. jobs report eased concerns about the Fed’s hawkish pivot last month, central banks around the world are beginning to pull back from from the emergency stimulus they deployed to fight the pandemic-driven global recession. For instance, the Reserve Bank of Australia is expected to pare back some stimulus at its Tuesday meeting despite ongoing curbs against a recent Covid-19 flareup. [Bloomberg]

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