Dip and rise today with 7080 7000 support

Decent start with the futures rising so far however the FTSE 100 is now at the 7125 daily resistance level so could well see a dip and rise play out today. Bull Monday on the cards though overall. The S&P500 has gapped up and left support at 4440 and {{0|now}} also has decent 2 hour support from the Hull moving average at 4395. I don't think it will dip that low today but a long here around the 4400 level looks viable if seen early this week.

Just above the 7125 daily resistance level we have S1 at 7136 and then R2 at 7166.The bulls will be looking to push up towards this level today I am thinking, and possibly higher later on if the US markets continue to stay bullish. 7220 is R3 for today and that is the level that got the reaction last time, so keep an eye on that. The bulls will need to break 7225 really to get this moving much higher, but we also have the top of the 10 day Raff channel here. Can they get that high today? I would be surprised but the momentum has swung back to the bulls for the time being so its definitely possible soon. 

So, it feels like a bull Monday and buy the dip is the best play for today. The main support level is at the daily pivot and 30m coral line at the 7080 area, and then just below this we have the Hull Moving average on the 2h chart with 7066 support. S1 a bit lower at 7054 as well. This whole area is therefore decent support and the bulls wont want this back near 7000 again anytime soon. If the S&P does continue to push on towards the 4500+ level then in theory it should pull the FTSE100 up with it too.

Gold has also resumed its uptrend and looks set for a rise towards the 1805 level where we have the daily coral and the 200ema daily as well. 

The ASX 200 (Australia) market had a decent dip and rise day and I am thinking that we will do the same, especially as the bulls will be keen to build on this move up from 7000 on Thursday last week. 

Good luck today.