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28th Jul 2022. 7.47am

Regency View:

Morning Report – Thursday 28th July

FTSE to open at 7,391 (+43 pts)

US stocks rallied sharply yesterday after Fed Chair Jay Powell suggested that rate hikes may slow…

The central bank announced its second 0.75% rate rise in two months, but during the press conference Mr Powell said “at some point it will be appropriate to slow down” – causing the S&P 500 to surge higher.

In Asia, stocks have not followed Wall Street higher, instead they have quietly consolidated.

S&P 500+2.62%Bullish for UK stocks
Hang Seng-0.18%Neutral for UK stocks
Gold+0.36%Bearish for UK stocks
AUD/JPY-0.62%Bearish for UK stocks
US 10yr Yield-34ptsBullish for UK stocks
Regency Risk Barometer Snapshot

After seemingly rejecting resistance on Tuesday, the FTSE broke and closed above resistance yesterday, maintaining the bullish momentum of recent weeks.

However, it’s worth noting that the breakout came during US trading hours.

Should the breakout hold firm, there is very little resistance on the chart prior to the 7,600 cluster of highs.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
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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.