FTSE 100 live outlook prediction analysis for 9th June 2021
Will today be the day that the bulls can finally push through those resistance levels that have held so far? The daily Raff channels on the FTSE are still heading up and a break of the 7120 level should open up a route to the 7155 area, though we have R2 and the key fib at 7149 which may well see a reaction.
The S&P needs once again to push through the 4235 level, and should it do so then we should get a rise towards the R2 and fib level on that at 4254. The bulls will need to defend the 4218 level initially this morning where we have the 200ema, and below that the 4208 level again as they did yesterday.
Initial support on the FTSE 100 is at the 7080 area with a cluster of supports here – namely the 200ema, S1 and 2h coral, along with the 100 Hull MA at 7091. Below the S1 level of 7077 though and then we will likely get a slide to the key fib at 7055 (and just above S2 at 7049) with the bottom of the 10 day Raff channel then also in sight at 7041.
The G7 starts today as well so we may well see some accidentally on purpose leaking of information from that, to do with the global tax scheme and so on.
For the bulls, above the 7150 level we have R3 at 7177 and the top of the 10 day Raff channel at 7172. The channel width is quite narrow following a few sessions of such a small range that we have had.
So, we have a bullish 2 hour chart to start with but are pretty much on the supports as I write this, and it will be crucial that the bulls defend from the off really. If the S&P slides as well then the end of June seasonal weakness will be starting a bit earlier!
Good luck today.
FTSE 100 Outlook | Trading Signals | Forecast | Prediction | Analysis
It was a decent reaction off the 7120 resistance level to just under 7100 but yet again another day with a small range. the S&P is continually knocking on the door of 4235, and today may well be the day that we spring up through it. I was expecting more consolidation yesterday and that is indeed what we got, and coupled with a decent bounce on gold from the 1886 support. Still running a bit of that long on that. Now the S&P has dipped down to test the 2h coral support at 4210 we could be on for a rise towards the 4300 level.
We got a spike down and recovery yesterday as major websites went offline. Highlighting how fragile the infrastructure will is even in this day and age that an issue as Fastly, a content delivery network (or over watcher?!) can knock it all out, including the UK government sites. The gov.uk website, Pinterest, Reddit and media outlets including the New York Times, Guardian and Financial Times were unavailable for around an hour, with users receiving an “Error 503 service unavailable” message.
The FTSE 100 ended up 17.9 points at 7,095.1. The domestically focused FTSE 250, however, took a tumble towards the end of the day as the latest coronavirus numbers showed the seven-day average for cases up 60pc. It ended down 12.6 points at 22,895.5.
Asian Session
Asian stocks traded in narrow ranges Wednesday as investors digested data on price pressures to gauge the outlook for stimulus amid the recovery from the pandemic. Ten-year U.S. Treasuries held an advance.
Shares slipped in Japan but edged up in China, where factory-gate inflation for May was at the highest since 2008. The nation is considering imposing a cap on the price of thermal coal to contain high energy costs. U.S. equity futures were little changed after the S&P 500 ended just shy of its May 7 record close.
The focus remains on Thursday’s report on U.S. consumer prices, which may affect perceptions of when the Federal Reserve is likely to start discussing tapering asset purchases. A gauge of the dollar dipped.
Oil resumed its rally to top $70 a barrel in New York as investors grow more confident that the recovery from the pandemic will help demand. Bitcoin remains under pressure, trading around $33,000 after a retreat this week.
The debate over whether inflation will prove sticky and prompt central banks to pare stimulus earlier than expected remains key for investors. While volatility is evident in the speculative fringe, such as meme shares and cryptocurrencies, global stocks are near an all-time high and Treasury yields have eased for three successive weeks. The overall picture suggests faith in the Fed’s assurances that price pressures will prove transient.[Bloomberg]
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