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18th Feb 2021. 7.46am

Regency View:

Morning Report – Thursday 18th February

FTSE to open at 6,697 (-14 pts)

Our risk barometer (below) indicates a bearish to neutral opening for European equities and this is also reflected in today’s FTSE futures.

Asian stocks look to have ended their run of five consecutive positive sessions, and a pullback of some sort was inevitable as traders take profits off the table.

In the US, a strong set of retail sales yesterday saw the S&P erase almost all of its losses into the closing bell – forming a bullish hammer candle in the process. We’ll be watching to see if US stocks can once again be a positive catalyst for their European peers.

S&P 500-0.03%Neutral for UK stocks
Hang Seng-1.24%Bearish for UK stocks
Gold+0.33%Bearish for UK stocks
AUD/JPY+0.06%Neutral for UK stocks
US 10yr Yield+0.13%Neutral for UK stocks
Regency Risk Barometer Snapshot

The FTSE’s technical backdrop remains bullish despite mild weakness creeping in during the last two sesssions.

A pause in the form of a pullback or consolidation is welcomed, we just have to be wary of increasing downside momentum. So far, prices look to be making an orderly retracement in the form of a small descending channel.

We’re set to open just below yesterday’s lows at 6,700. A quick fightback above this level would set a bullish tone for the morning. However, if we gather downside momentum below 6,700, we’ll look to increase our short exposure.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Barclays (BARC)
Indivior (INDV)
Primary Health (PHP)
Smith & Nephew (SN.)
Interim Results
Hays (HAS)
Wilmington (WIL)
Q4 Results
Smith & Nephew (SN.)
International Economic Announcements
(13:30) Initial Jobless Claims (US)
(13:30) Import and Export Price Indices (US)
(13:30) Philadelphia Fed Index (US)
(13:30) Housing Starts (US)
(13:30) Building Permits (US)
(13:30) Continuing Claims (US)
(15:30) Crude Oil Inventories (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.