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17th Jun 2021. 7.46am

Regency View:

Morning Report – Thursday 17th June

FTSE to open at 7,138 (-46 pts)

US stocks beat a hasty retreat from all-time highs as the Federal Reserve brought forward plans for monetary tightening.

The US central bank upped its economic projections to factor in faster growth and higher inflation this year – penciling in two rate hikes in 2023 – sending stocks lower and the yield on the US 10yr surging higher.

Overnight, Asian stocks have fought back from early loses but there remains a bearish feel to our Risk Barometer and European stocks are called lower at the open.

S&P 500-0.54%Bearish for UK stocks
Hang Seng-0.11%Bearish for UK stocks
Gold+0.17%Bearish for UK stocks
AUD/JPY+0.16%Bullish for UK stocks
US 10yr Yield+5.70%Bearish for UK stocks
Regency Risk Barometer Snapshot

After a strong start to yesterday’s session which saw the FTSE touch the Feb 2020 swing lows at 7,216, the market fell back to close on intra-day lows – forming a bearish reversal candle.

This failure at resistance should setup a retest of the ascending trendline (gold dotted line) at the very least.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
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Disclaimer:

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