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Early End of Week | Rise and Dip | 7982 8017 Resistance | 7926 7910 Support

Published 28/03/2024, 10:30

A late afternoon push from the bulls yesterday ahead of the Easter weekend (markets closed Friday and Monday don't forget!) which saw the FTSE100 pull away from the 7900 level and bring 8000 into play for today. Will we see a strong end to March? The bulls will certainly be trying and we may well even get a test of that 8020 resistance area today, as we also have R3 there currently. 

Initially today the bulls will want to be quick out the blocks but we have the 7980 level as resistance first up. R2 and the key fib are both here so we could see the bears have a go here. 

An intial drop down to test the 7940 level where we have the green 30m coral and another test of the 2h coral here would fit pretty well. Should the bears break this though then the 7926 daily pivot is next up and I would like to see that hold really today for push back up to end the month. A rise and dip would make sense with some profit taking later on today. 

The 2h chart is on the cusp of going bullish again but the bulls will need to keep the upper hand today to lock that in, and if they can keep the strong tailwind from yesterday afternoon going they should manage a test of the 8000 level. 

Below the 7926 daily pivot then the 7908 200ema on the 30m is next, but we would also then possibly see a retest of yesterdays low below that, and a test of the key fib at 7877.

Resistance wise I feel that they may struggle to break above the 8020 level today but keep a close eye on the 7980 area as well as that is quite key first up.

The S&P500 2h chart is bullish and has decent looking support at the 5238 level, which also tallies with the daily pivot level. As such a climb from here would be good to see. Likewise a test and hold of the daily pivot on the Dax at 18487 would be good to see for a bounce at least initially. 

Todays USA news is GDP at 12:30, forecasted to have dropped to 3.2% from 4.9% previously. Then at 14:00 we have the Michigan consumer sentiment. Might see some volatility at both those times. 

Ahead of the long weekend (and tomorrows news) we may well see some profit taking towards the close of play. 

Good luck today and have a great break

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