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Sideways action ahead of NFP tomorrow

ByFTSEDayTrader Limited
AuthorNick Hilsden
Published 07/12/2023, 09:29
Updated 14/05/2017, 11:45

That was a good bounce off the 7485 yesterday but the bears were slow to react at the 7535 level, at least initially. Overnight we have slid further off that though and are just below the key 7500 once again. The bulls will therefore need to be quick out the blocks today, and we could potentially see a modest climb to the 7510 level.

We have initial resistance here from the daily pivot and the 30m coral, along with a now bearish 2h chart with resistance from the Hull MA at 7515. As such, the bulls may struggle to break this especially as the short term momentum is bearish. The Nasdaq and S&P500 markets are both aiming for the 25ema on the daily at 15690 and 4500 respectively, which is also helping to pull the FTSE100 down with it.  If those levels hold though then they should act as the springboard for the December rally.

Above the 7515 level then 7535 remains relevant once again, and a double with yesterday here (7542 to be exact) whilst R1 for today is also at 7534. Above this then I would expect to see the 7564 key fib and R2 area tested, and the bulls once again trying to aim for the 7615 level. 

On the support side, the 7476 level is S1 to start with, and then the 7450 area below that once again - S2 is here, and just below the key fib at 7463. 7460 is also the recent low that we climbed from on Tuesday. 

We also head towards NFP tomorrow and direction for rate cuts next year. Markets have priced in so much easing that they are clearly vulnerable to an upside payroll surprise.

Energy stocks are weighing on the FTSE100 as well as oil continues to slide. 

So possibly on track for a dip and rise today. Good luck and keep an eye on those key levels!

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