23rd Dec 2021. 7.42am
Morning Report – Thursday 23rd December
FTSE to open at 7,354 (+12 pts)
The S&P 500 rallied back up into resistance yesterday, albeit on thin holiday season volumes…
US blue chips were pushed upward by improving consumer confidence and gross domestic product growth. And The White House said it would have another attempt to push Biden’s ‘Build Back Better’ bill through the Senate.
While Asian stocks have had a quiet session with the Hang Seng and Nikkei 225 in mild positive territory.
|S&P 500||+1.02%||Bullish for UK stocks|
|Hang Seng||+0.41%||Bullish for UK stocks|
|Gold||+0.15%||Neutral for UK stocks|
|AUD/JPY||+0.22%||Bullish for UK stocks|
|US 10yr Yield||-0.57%||Bullish for UK stocks|
As mentioned in yesterday’s Morning Report, the market’s swing structure suggests that a large ‘wedge’ pattern may be taking shape. And yesterday’s price action saw a retest of the top of the wedge.
The market is now faced with multiple levels of resistance as we head into the festive bank holiday’s.
|International Economic Announcements|
|13:30 US Durable Goods (Nov)|
|13:30 US Nondefense Capital Goods Orders (Nov)|
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This research is prepared for general information only and should not be construed as any form of investment advice.