FTSE100 8240 resistance | BOE today

Great bounce off the 8170 support yesterday and 8210 remained as the resistance all day but has broken overnight to see a test the 8227 level. As such we may well see a drop back this morning towards the daily pivot at the 8190 level. 

The bulls will be keen to defend any drops, and also the 8200 round number. However, we have the BoE rate news at 12:30 though expected to remain unchanged this time around.... even though inflation is finally back at 2%. 

With the daily pivot and the 30m 200ema also at the 8190 level I would like to see this hold and a bit more upside today ahead of a sell off tomorrow as we have triple witching expiry (that's at 10am) and usually results in volatility. As such, the bulls may well be keen to squeeze a bit more out of their trades before that. 

The US also returns from the public holiday and already starting optimistically with the prices above R3 to start with. The support/resistance levels do get a bit distorted after a holiday but a dip and rise would make sense on both the S&P500 and Nasdaq. 

With the FTSE100 at 8220 as I write this, we may well get that rise towards the 8242 key fib level today. Above that then the 8269 R3 is the next one to look for, along with 8260 being the top of the 20d Raff channel. The Raff channels do continue to head downwards though so the bulls really need to break above the daily resistance levels to keep the momentum going. As per yesterday the 2h chart remains bullish and the bounce off the 8170 level continues - keep trailing the stop on the long from there.

If the bears appear then 8190 is the level they need to break and that would then likely see a drop down to the green coral on the 2h at 8170, and then 8142 S2 level. It will be interesting to see what the USA does today but a dip and rise looks likely on that and the overnight strength continues. 

Good luck today.