Technical analysis for FTSE 100 for 1st November 2024
End of the week but start of the new month so a possible new month money kick up to start with today. Of course the big event will be NFP data at 12:30 with 106k forecasted. The bears were in control yesterday and will be looking to break 8100 and hold below it, though we have the green 30m coral here for initial support. As such I am thinking that we may see the bulls fight back a bit today, at least ahead of NFP. Maybe new month money and buy the rumour sell the news playing out.
8150 is the key resistance level to start with and the bulls will need to break that for a chance of a rise towards the 8170 level. A stall here would make sense ahead of the weekend as we have R1, the key fib and the 30m 200ema, along with the 2h coral. There was also chatter yesterday about another Iran strike happening so could add caution to the markets ahead of the weekend.
Above the 8170 level then the bulls would be looking to break 8214 R2, as that would lead to a possible test of the 8255 levels though that feels a bit of a big ask today. That said the ASX200 had a decently bullish day today, and we "could" follow suit.
Support wise, below the 8100 level then the 8076 looks key as we have the S1 here, 20d Raff at 8065 and yesterday's low. A bounce here again for a double bottom would fit quite well though a move below would then lead to the 8046 level which is the lower daily support.
The US markets have declined sharply ahead of the election next week though we may well see this 5700 area hold on the S&P500 today.
Not much more to say really - NFP Friday so be cautious but I am thinking that we may well see a climb today and look for a break of the 8150 and 8175 levels. I have put the orders slightly wider but do watch 8105 and 8150 closer in.
Good luck and have a great weekend.
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