Can the bulls push on to 7970 resistance

Good day yesterday for the bulls and the bears, with the S&P500 poised for a breakout and a push towards the 4175 level today. It held the 30m 200ema well at 4128 in the end, and if the bulls can defend the green coral and daily pivot at the 4143 level today then we may well see a rise up.

For the FTSE 100 a rise to retest the 7918 R1 level and then a drop down to test the decent looking 7850 support area would also fit well and put in a bear Tuesday as well. The 2h chart has gone bearish with 7910 Hull MA resistance, and the bulls failure to break 7915 yesterday would set up a double top for the week in this area. 

If the bulls manage to break above 7915 then as per yesterday the next key level of note is 7970 and just above R3 at 7960. As such should we see this area then a short here his worth a go. 

The bears will be looking to break the daily pivot to start with at 7896, and then yesterdays low at 7873, as that would then see that 7850 area. With the S2 and 30m 200ema here I would like to see this hold, otherwise a slide down to the daily support level of 7808 would play out. We also have the bottom of the 10d Raff at 7850 as well to add some weight to this level though. 

UK unemployment data has also just come out - a rise in Jan employment of 169k, but also a rise in unemployment rate to 3.8% for Feb - this last one is the proportion of people looking for work. 

Should the bulls manage to get above 7970 (though not expecting that today) then the 8080 level is next up. The Raff channels continue to head up, so should we get a drop down to the bottom of that 10d it should set up a bounce. The 25ema on the daily still remains untested at 7737 though. I don't expect we will see that today but do bear it in mind as a potential swing long entry should we test that MA line. 

Good luck today.