Triple witching option expiry | 7730 7767 7834 resistance | 7720 7644 support

Triple witching option expiry | 7730 7767 7834 resistance | 7720 7644 support


Technical analysis for FTSE 100 for 15th September 2023

The FTSE 100 closed in the green after finishing nearly 2pc higher.  The blue-chip index gained 1.95pc or 147.09 points to close at 7,673.08, its highest since July 31. The FTSE 250 index added 1.82pc at 18,899.70.  The FTSE 100 was boosted by bank shares - including Lloyds, Barclays and NatWest - which surged 2.54pc after the ECB increased interest rates to a record high. The index was also lifted by a surge in commodity prices with iron ore and oil rallying during the day, boosting commodity-rich stocks.

Stocks in Asia advanced following better-than-expected Chinese economic data and after the central bank took further measures to support the struggling economy.

Asian stocks rose strongly on Friday, extending a global equity rally, after better-than-expected Chinese economic data added to the good vibes from expectations that tightening campaigns by the world’s biggest central banks were close to over.

The dollar stuck close to a six-month peak from overnight against major peers, buoyed by robust U.S. economic data, while the euro sagged following the European Central Bank’s signal that Thursday’s rate hike was probably the last this cycle.

FTSE 100 technical analysis for today, 15th September 2023

It's triple witching option expiry today on the FTSE so expect some volatility at 10:10. I am thinking that today will see a rise and dip as the bullishness from this week continues for a few more hours before we see profit taking ahead of the weekend. I am also staying mindful of that seasonality chart which has a rise and dip for the month of September.

It's certainly got a more positive news flow now compared to last week (funny how it changes quickly isn't it!) and the daily channels are heading up well on the FTSE100.

Today we have initial resistance at the 7730 level with the top of both the Raff channels here. However we may well see a spike higher (a failed breakout basically) and a test of the 7767 R1 level. I am thinking that this might well be a level that we get a bit of profit taking kick in - and we may well spike here on expiry - and fail just shy of the 7800 level ahead of the weekend.

Above this though then 7804 is the next daily level of note, and probably worth a short if this were to get tested, while 7834 is R2 above.

Support wise, the 7720 level has the green 30m coral and also the 25ema on that time frame as well, while lower down the daily pivot is at the 7644 level - its possible that we may well get this low but the bulls will certainly be trying hard to defend 7700 now.

On the Dax40 and S&P500, we also look like we will get a rise and dip and I am looking at the main resistance levels at 15970 and 4523 respectively.

Just a word of caution in that option expiry Fridays can be a bit strange so stay nimble today, and watch for that 10:10 movement.

Apart from that, have a good session and a great weekend!

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