FTSE 100 live outlook prediction analysis for 11th November 2020
- Markets extend gains after surging on vaccine hopes
- UK redundancies to September beat financial crisis record
- Unemployment rises to 4.8pc, highest in four years
- Pay growth outstrips inflation
- Land Securities sinks to £835m half-year loss
London’s FTSE 100 ended up 1.8pc to 6,296.85, extending Monday’s rally to end at the highest point since early June.
The S&P500 and the Nasdaq are edging down after almost hitting record highs on Monday in excitement over a potential vaccine faded, and investors continued to pull money out of Big Tech.
- The S&P500 shed 0.01pc to 3,550.87
- The Nasdaq Composite lost 0.7pc to 11,626.54
Amazon, Facebook and Microsoft – which have boomed amid working from home – extended losses, pulling the tech-heavy Nasdaq down
Market Open
Asian stocks looked to steady Wednesday. Earlier, their U.S. peers retreated amid a selloff in technology shares and a worsening in coronavirus cases in many parts of the world. Futures pointed higher in Japan and Australia, and were little changed in Hong Kong. The S&P 500 pulled back from a two-month high and the Nasdaq 100 closed almost 2% lower. Amazon.com sank as the online-retail giant faced an antitrust complaint from the European Union, while American depositary receipts of Alibaba Group tumbled after China increased scrutiny of internet behemoths. Elsewhere, Treasury yields continued to rise toward the closely-watched 1% level. Oil rose to its highest in more than two months.[Bloomberg]
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
Most Asian stocks pushed higher Wednesday after a rotation out of defensive technology names into shares more exposed to economic growth continued in the U.S. overnight.
Equities in Japan and Australia climbed more than 1%, but a technology selloff in China deepened following Beijing’s crackdown on the Internet industry. S&P 500 futures edged up after the benchmark pulled back from a two-month high Tuesday, when the Nasdaq 100 index slid almost 2%.
The bulls have managed to maintain the Pfizer vaccine driven rally, and on both the S&P and FTSE 100 things still look positive. The S&P defended the 3520 level yesterday which bodes well for a push up towards the 3675 level that we spiked too on Monday, and is now also the top of the 20d Raff channel. For the FTSE, we have held above the 6200 level well now, and whilst we are currently testing the top of the 20 day Raff channel at 6320 (and the overnight high here too) the bulls still look to be driving this with a “buy the dip” plan still looking like the best play.
Initial resistance at 6320 as mentioned, and then R1 above this at 6362 and looks like it should get tested today with a slow steady rise towards that. It’s very much risk on at the moment, as the market breathes a sigh of relief! If the bulls were able to break above the R1 level at 6362 then R2 at 6445 is more than likely the next target for them. Given the significant rises already this week the technicals need to catch up a bit, and as such there are not loads of resistance levels showing. Above 6445 then the top of the 10d Raff channel is at 6510.
For support, we have the 25ema on the 30min to start with at 6290 and also a backtest of the key fib that we have moved above, at 6292. I am thinking that if we get an initial dip to this area then it will hold for a push up to that R1 level. However, if the bears break below this then the daily pivot at 6233 is the next major support with 6193 below that. I am watching those two levels closely, however I am not convinced that we will drop that low today. Especially as the S&P seems hellbent on a further push higher still.
So, still feeling bullish overall and expect the S&P to continue to push higher and break Mondays high. The FTSE looking for a rise towards 6360 and higher today. 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″]