FTSE100 - 7100 Support - Can The Bulls Get A Bull Monday?

There is a case for an initial kick up towards the 7170 resistance level to start with and the bulls will be keen to defend the daily pivot to start with at 7136, and S1 at 7120.

The S&P500 has pushed up to 4285 overnight but the RSI's are getting a little bit ahead of themselves currently so we could well see a dip and rise play out today across the board. 4293 is initial resistance with R1 here and as its just shy of the round number we could well see a reaction here. If not then the key fib and R2 are both at 4301 and I would expect this to generate a reaction if seen. The bears will need to break 4269 where we have S1 and also this area may well tally with the rising 2h coral support line - its currently at 4255 and rising steadily, so we could see decent support at the 4260 level.

Back to the FTSE and as mentioned 7170 is the line in the sand to start with - key fib and R1 in this area. Above this then the bulls will be looking to push up towards the 7200 level and in fact R3 is at 7204 for today, with the top of the 10 day Raff channel at 7250 above that. If the S&P were to pull back a bit then I don't think the UK bulls will be able to push that high though. 

The bears will be looking to defend the 7120 level initially where we have the S1 level and also the 100 Hull MA on the 2h, with the 7094 2 hour coral below that. That would be the first test of that line since out changed to green so I would like to see this 7100 area hold any test today. 

Below 7100 (and S2 at 7094) we may well see the bears get a bit stronger and a dip down to 7070 should play out. Below that then the round number of 7000 and possibly even as low at the 20 day Raff channel which sits at 6961 for today - if that were to be tested today or tomorrow we could well see that hold.  

So, generally looking at a dip and rise pattern for today and keep a close eye on the supports across the board today. The bulls have certainly recovered well from the initial seasonal June dip on the 18th after testing the 7220 level, and we could just be witnessing one last pump here till some more downside imminently. Good luck today.