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Vaccine roll out starts | 6520 6500 6466 support | 6550 6580 6610 resistance

#1 · 9th December 2020, 9:48 am

Quote from Nick on 9th December 2020, 9:48 am
FTSE 100 live outlook prediction analysis for 8th December 2020
Overall the FTSE 100 managed to cling on yesterday, trading flat amid the sharpest drop in the pound in three months as Brexit no deal fears resurface. The S&P 500 was basically flat, with investors nervous about rising US/China tensions over Hong Kong, and the worrying Brexit mood music. It had hovered around 3700- 3780 area for most of the day. If the bears can break below the 3682 level today then we may well continue the slide from the 3700 level, otherwise a move up towards R3 at 3720 looks like it will play out.
Sanctions Again
The U.S. announced sanctions Monday against 14 members of China’s National People’s Congress as the Trump administration ratchets up pressure on Beijing over its crackdown on Hong Kong. The 13 men and one woman targeted with asset-freezes and travel bans are all vice chairpersons of the NPC’s standing committee. Earlier Monday, after news of the impending sanctions filtered out, Chinese Foreign Ministry spokeswoman Hua Chunying said Beijing would take countermeasures should the U.S. continue down the “wrong path.” Meanwhile, Hong Kong police made a series of arrests over a university protest last month, heightening concerns about an erosion of academic freedom there.
Brexit Bump
U.K. Prime Minister Boris Johnson will head to Brussels for urgent talks with European Commission President Ursula von der Leyen, amid growing fears on both sides that Brexit trade talks will fail. The two spoke on Monday evening and agreed to meet after they concluded a deal remained far off. British businesses fired a broadside at ministers for leaving them no time to adapt to post-Brexit rules.[Bloomberg]
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US & Asia Overnight from Bloomberg
Asian stocks drifted Tuesday as swelling coronavirus infections across the U.S. weighed on risk assets overnight. Treasuries held on to Monday’s gains.
Equities fell in South Korea and Hong Kong, while they edged higher in Australia. Japanese shares fluctuated as Prime Minister Yoshihide Suga unveiled around $380 billion in fiscal measures to help the economy recover from the pandemic. S&P 500 futures dipped after the benchmark dropped from an all-time high amid fears of restrictions as infections climb. Earlier, the Nasdaq 100 closed higher for a ninth straight day, its longest winning streak in almost a year.
Elsewhere, the pound pared overnight losses as the U.K. backed down from a threat to break the Brexit agreement. The dollar held gains against its major peers. Oil slipped and gold was steady after jumping more than 1% Monday.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
The bears have dropped it pretty well off 6600 just below that key resistance level and the S&P hasn't managed to push through 3700 as yet, 3670 is support still for the moment on that and the bulls will be looking to defend that today. However, we have the bear Tuesday sentiment, and for the UK, Boris heading over to Brussels to have a bash at some Brexit chit chat. If the S&P can maintain a defence of the 3670 level then we may well get some more upside towards the 3720 level where we have R3 for today (and a possible overshoot), which may well tie in with the FTSE pushing up towards the 6600 level again.
Initial support on the FTSE 100 is at 6520 where we have the 2 hour coral, but below that 6500 has several indictors showing support here. Namely S1, 200ema and a fib level on the 30min timeframe. If the bulls can defend this level then we should see a bounce here, towards the 6550 daily pivot level. Below 6500 then the bears will be looking to target the 6466 R2 level, and then the daily support level of 6450. I would expect this to hold if seen today, as below this then the 6383 is next up.
The bulls will be keen to push past the 6580 level for a retest of the 6600 level from yesterday and as mentioned a break of this should also surpass the 6610 daily resistance. Above this then 6630 is R2 and that may well tie in with the 3720 level on the S&P. With the drop off 6600 yesterday the 2 hour chart is now bearish with 6580 as resistance from the Hull moving average and I am thinking that should we see this level we may well get a drop off from here. Watching 6520 for initial support as well.
So, few interesting levels in play for today namely the 6520 and 6500 levels as support. 6580, 6600 and 6630 as the main resistance ones.
For the S&P the 2h chart now has resistance at the 3692 level so the bulls will be keen to push past this, while the bears may well appear here, if we get an early climb off the 3670 level.
Good luck today.
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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 8th December 2020

Overall the FTSE 100 managed to cling on yesterday, trading flat amid the sharpest drop in the pound in three months as Brexit no deal fears resurface. The S&P 500 was basically flat, with investors nervous about rising US/China tensions over Hong Kong, and the worrying Brexit mood music. It had hovered around 3700- 3780 area for most of the day. If the bears can break below the 3682 level today then we may well continue the slide from the 3700 level, otherwise a move up towards R3 at 3720 looks like it will play out.

Sanctions Again

The U.S. announced sanctions Monday against 14 members of China’s National People’s Congress as the Trump administration ratchets up pressure on Beijing over its crackdown on Hong Kong. The 13 men and one woman targeted with asset-freezes and travel bans are all vice chairpersons of the NPC’s standing committee. Earlier Monday, after news of the impending sanctions filtered out, Chinese Foreign Ministry spokeswoman Hua Chunying said Beijing would take countermeasures should the U.S. continue down the “wrong path.” Meanwhile, Hong Kong police made a series of arrests over a university protest last month, heightening concerns about an erosion of academic freedom there.

Brexit Bump

U.K. Prime Minister Boris Johnson will head to Brussels for urgent talks with European Commission President Ursula von der Leyen, amid growing fears on both sides that Brexit trade talks will fail. The two spoke on Monday evening and agreed to meet after they concluded a deal remained far off. British businesses fired a broadside at ministers for leaving them no time to adapt to post-Brexit rules.[Bloomberg]

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US & Asia Overnight from Bloomberg

Asian stocks drifted Tuesday as swelling coronavirus infections across the U.S. weighed on risk assets overnight. Treasuries held on to Monday’s gains.

Equities fell in South Korea and Hong Kong, while they edged higher in Australia. Japanese shares fluctuated as Prime Minister Yoshihide Suga unveiled around $380 billion in fiscal measures to help the economy recover from the pandemic. S&P 500 futures dipped after the benchmark dropped from an all-time high amid fears of restrictions as infections climb. Earlier, the Nasdaq 100 closed higher for a ninth straight day, its longest winning streak in almost a year.

Elsewhere, the pound pared overnight losses as the U.K. backed down from a threat to break the Brexit agreement. The dollar held gains against its major peers. Oil slipped and gold was steady after jumping more than 1% Monday.

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

The bears have dropped it pretty well off 6600 just below that key resistance level and the S&P hasn't managed to push through 3700 as yet, 3670 is support still for the moment on that and the bulls will be looking to defend that today. However, we have the bear Tuesday sentiment, and for the UK, Boris heading over to Brussels to have a bash at some Brexit chit chat. If the S&P can maintain a defence of the 3670 level then we may well get some more upside towards the 3720 level where we have R3 for today (and a possible overshoot), which may well tie in with the FTSE pushing up towards the 6600 level again.

Initial support on the FTSE 100 is at 6520 where we have the 2 hour coral, but below that 6500 has several indictors showing support here. Namely S1, 200ema and a fib level on the 30min timeframe. If the bulls can defend this level then we should see a bounce here, towards the 6550 daily pivot level. Below 6500 then the bears will be looking to target the 6466 R2 level, and then the daily support level of 6450. I would expect this to hold if seen today, as below this then the 6383 is next up.

The bulls will be keen to push past the 6580 level for a retest of the 6600 level from yesterday and as mentioned a break of this should also surpass the 6610 daily resistance. Above this then 6630 is R2 and that may well tie in with the 3720 level on the S&P. With the drop off 6600 yesterday the 2 hour chart is now bearish with 6580 as resistance from the Hull moving average and I am thinking that should we see this level we may well get a drop off from here. Watching 6520 for initial support as well.

So, few interesting levels in play for today namely the 6520 and 6500 levels as support. 6580, 6600 and 6630 as the main resistance ones.

For the S&P the 2h chart now has resistance at the 3692 level so the bulls will be keen to push past this, while the bears may well appear here, if we get an early climb off the 3670 level.

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

[yikes-mailchimp form="4"]