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FTSE100 live outlook prediction analysis for 17th March 2023
Asian markets extended a risk rally on Wall Street on Friday to end a tumultuous week that saw a brewing banking crisis send bond yields plunging while market participants sharply lowered expectations of future interest rate hikes in Western economies.
The optimism is set to spill over to Europe, with pan-region Euro Stoxx 50 futures up 0.6%. S&P 500 futures rose 0.1% while Nasdaq futures gained 0.2%.
Overnight, the European Central Bank (ECB) delivered an inflation-fighting 50 basis point rate hike in line with oft-repeated guidance, with sentiment buttressed by the Swiss National Bank’s massive support for Credit Suisse Group AG, which sent the troubled lender’s shares 20% higher.
Onto today…. We are seeing a bit of a recovery play out having nearly managed the 7300 level yesterday and the bulls have managed to break it back up well. As its Friday I am see a rise and dip as profit are taken at the end off the day just in case any further pessimistic news breaks over the weekend, with regard to any other banks.
As such a rise towards the 7525 resistance level would fit pretty well today before a drop back down from there. Initial resistance is at the key fib to start with thought at the 7475 level and then R1 at 7507. In an ideal world I would like to see it push up to that 7525 area and test the 10d Raff channel top as well which is at 7530.
For support, the daily pivot aligns with the 30m coral at the 7415 level so I would like to see this hold today for that push up. A break below this though and the 7370 would more than likely get hit for a test of the Hull MA on the 2h chart. That is now bullish as you would expect after this rise from 7308.
Below 7370 and then bears would be looking to test the 7330 daily support level. I don’t think it will get that low today unless the news flow throws something unexpected into the mix.
Not too much more to say really, looking for a bit of a rise and dip to play out today and stay cautious, and not just as its Friday!
Have a great weekend and good luck today.
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