Might be a bit calmer today | 7055 7077 resistance | 6999 6950 support | Sterling stabilises

Might be a bit calmer today | 7055 7077 resistance | 6999 6950 support | Sterling stabilises

FTSE100 Analysis | Signals | Forecast | Prediction | FTSE 100 Outlook | Trading help

FTSE100 live outlook prediction analysis for 27th September 2022

A good day yesterday with all the levels playing out well as the markets continues to gyrate. Sterling still taking a pasting but with it now all over the news we should see the bottom around this area and a decent bounce on cable over the next few weeks. The MSM are always a good trade indicator!

For the FTSE100 today they have fought it back above the 7000 level area after the move down to 6950 yesterday and we may well see a climb towards the 7050 level where we have the key fib to start with. Above that then the bulls will be aiming for the R1 level at 7078, and the 200ema above that at the 7098 level.

We may well (possibly, maybe!) see a slightly calmer day today though a bear Tuesday may well play out. Shorting the rallies is still the preferred play for the rest of this month.

That said the S&P500 2h chart has gone bullish with the 3660 level locking in as support, while the FTSE100 2h chart is just starting to turn bullish, and if the bulls can keep the upper hand, we may lock in the 7015 level as support on that. Ergo, watch for those two levels.

For the bears, they will be looking to take the FTSE100 down towards 7000 and we have the green 30m coral here so could see that hold as support. Also the key round number of course as well.

Below that then 6951 is the key fib, yesterday’s low and then S1 at 6944 below that. So again, 6950 looks to be decent support bellow the 7000 level.

Ball is in the bulls court really on the S&P and they will want to get the price back above the 3700 level. 3660 looks key as along with the 2h support mentioned, we also have the green 30m coral here. The bulls would certainly need to pull out all the stops to defend this level if tested.

The Raff channels on the FTSE100, Dax40 and S&P500 are all still heading down so we are fitting that seasonal chart very well at the moment with the weak second half of September. Roll on October I can hear the bulls saying!

Could be an interesting day today but possibly a bit flatter – watch for 7050, 7100 resistance, 7000, 6950 support – all the round numbers!

Good luck.

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