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FTSE100 live outlook prediction analysis for 23rd September 2022
Just the 50bps rate rise as expected yesterday but the bears still capitalised on it as the buy the rumour sell the news played out once again. Overnight we have tested and held the 7150 level though a break of this today will likely see a slide down towards the 7100 level.
Initially we may well see a bit of a kick up towards the daily pivot at the 7188 level, and possibly another overshoot as we have the 200ema above that at 7212. The bulls managed to push it quite well first thing yesterday but then lost the battle, as the momentum swings back to the bears.
The S&P bears are also still in control with a drop down toward the 3708 level looking distinctly possible today.
Been quite the week on the news front with the interest rate rises, and reading around more than a few articles are thinking the same as us and why increase rates just as the cost of living crisis gets worse. Sure there’s a reason, just not very obvious what it is (and its nothing to do with inflation)!
If the bulls break above the 7212 level then we have R1 at 7235 above that, along with the next daily level of note at 7238. It feels like we may well mimic the ASX200 action today which saw a steady decline. The powers that be seem keen to make the market movements fit the seasonal chart with the bearish second half of September!
Initial support as mentioned is at the overnight low and also key fib level of 7143, with the move down to 7110 if that goes. Again, they could drive it further and a test of S2 at 7083 may well play out.
If we do drop steadily then we could then see the late Friday pump from the USA later this evening, to salvage some strength prior to the weekend.
Generally it still looks like shorting the rallies is the right play as it has been all week.
Good luck today, and have a great weekend.
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