Potential bear Tuesday with 7050 7018 6983 support | 7105 7116 7138 resistance

Potential bear Tuesday with 7050 7018 6983 support | 7105 7116 7138 resistance

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

The FTSE 100 rose 0.6% yesterday while the pound dipped against the dollar.

The FTSE 100 bounced back somewhat from last week’s troubled performance as housebuilders and oil majors notched up a strong Monday.
The index closed at 7,068.43, up 39.23 points compared to Friday’s score, a 0.6pc rise.

FTSE 100 live outlook prediction analysis for 14th September 2021

The FTSE100 managed to hold above 7000 yesterday and actually looks a bit more positive (as did the S&P500, defending the 4450 area) and we look to be on for a test of the daily 25ema today at 7105. That is also just below the 10 day Raff channel top for today which is at 7115, along with the key fib at 7112. As such this area looks key to start with today and we may see an initial rise to this area peter out and a drop down to the daily pivot at 7060 then play out.

If that does so and the pivot holds then we may well get a decent rise from there and be back testing the 7200 level before too long. The September wobble/weakness just came a bit earlier than the usual mid month.

The S&P500 bulls will be keen to break above the 4493 area as we have a cluster of resistance levels here, namely the 2h coral, 200ema 30m and just below R1. If they manage to do so then we may well get a rise past the 4500 level. That said we have inflation data out today for the US that could provide expectations about the Federal Reserve’s likely timeline for paring stimulus, and fuel either the bulls or the bears! The forecast is for a slight drop to 5.3% from 5.4% previously.

Below 7060 on the FTSE and 7015 is the next likely support where we have the key fib, with 7028 just above that for S1. 7017 is also the 2h Hull moving average support so should it get bearish (and we get a bear Tuesday) then this level may well hold. Once again the bulls will be keen to defend the 7000 area. A break of that though and then the 6945 level is the next major support where we have the 10 day Raff channel and is a level that I would expect to hold, at least initially. Not expecting that today though.

If the bulls push on and break above 7115 then 7138 is R2 and 7183 for R3 though I am not sure we will get a 100 point rise from here. But never say never!

So, expecting a bit of a rise towards the 7115 area and then probably a drop from there today. Good luck today.


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