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30th Jul 2021. 7.41am

Regency View:

Morning Report – Friday 30th July

FTSE to open at 7,025 (-53 pts)

The S&P 500 index hit another record high yesterday as weaker than expected US growth data increased the probability of the Fed maintaining its stimulus for longer.

However, it is important to note that whilst the S&P hit a record high, it failed to post a record close – indicating a lack of conviction behind the breakout.

In Asia, the Chinese sell-off resumed with Hong Kong’s Hang Seng Index set for its worst month since March 2020.

S&P 500+0.42%Bullish for UK stocks
Hang Seng-2.01%Bearish for UK stocks
Gold-0.03%Neutral for UK stocks
AUD/JPY-0.05%Neutral for UK stocks
US 10yr Yield+3.45%Bullish for UK stocks
Regency Risk Barometer Snapshot

The FTSE broke out above the range which started as an inside day pattern and evolved into a bullish fakeout pattern throughout the week.

Yesterday’s breakout has opened the door for a retest of the major resistance zone which starts at 7,167 and ends at 7,219 (see chart below).

However, this morning’s price action has seen the futures retest the top of the range – an area that we’d expect to provide support moving forward.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Victoria (VCP)
Interim Results
Essentra (ESNT)
International Airlines (IAG)
Intertek Group (ITRK)
Jupiter Fund Management (JUP)
Man (EMG)
Natwest Grp (NWG)
Rightmove (RMV)
Trading Announcements
Glencore (GLEN)
Paragon Group (PAG)
Vodafone (VOD)
Yamana Gold (AUY)
Interim management statement
Kerry (KYGA)
International Economic Announcements
(07:00) GDP (Preliminary) (GER)
(10:00) Unemployment Rate (EU)
(10:00) GDP (Preliminary) (EU)
(13:30) Personal Consumption Expenditures (US)
(13:30) Personal Spending (US)
(13:30) Personal Income (US)
(14:45) Chicago PMI (US)
(15:00) U. of Michigan Confidence (US)
Today’s Financial Diary

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This research is prepared for general information only and should not be construed as any form of investment advice.