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19th Jul 2022. 7.46am

Regency View:

Morning Report – Tuesday 19th July

FTSE to open at 7,186 (-37 pts)

Whilst the US dollar weakened for a second consecutive session, stocks on Wall Street could not maintain their relief rally as Apple said it plans to slow hiring and spending growth next year.

Asian stocks have mirrored the weakness on Wall Street, with Hong Kong’s Hang Seng currently -0.58% lower. Renewed fears about outbreaks of COVID-19 in China and upcoming European Central Bank meetings are weighing on sentiment in the region.

S&P 500-0.84%Bearish for UK stocks
Hang Seng-0.58%Bearish for UK stocks
Gold-0.03%Neutral for UK stocks
AUD/JPY+0.44%Bullish for UK stocks
US 10yr Yield+71ptsBearish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE erase its early morning gains to close back within the inside day pattern that formed on Friday.

This intra-day reversal has formed a bearish pin-bar candle, which when combined with the inside day pattern forms a bearish ‘fakeout’ pattern.

A break below yesterday’s lows should trigger a retest of the inside day lows.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
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This research is prepared for general information only and should not be construed as any form of investment advice.