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22nd Jun 2021. 7.48am

Regency View:

Morning Report – Tuesday 22nd June

FTSE to open at 7,079 (+17 pts)

Wall Street bounced back with gusto yesterday, erasing all of Friday’s losses and putting the S&P back within touching distance of all-time highs.

Overnight, Japanese stocks posted there biggest gains in over a year – boosted by shipping stocks after Mitsui OSK Lines more than tripled its Half-Year net profit forecast. However, this exuberance could not be seen in Chinese-related stocks with Hong Kong’s Hange Seng in negative territory.

S&P 500+1.40%Bullish for UK stocks
Hang Seng-0.17%Bearish for UK stocks
Gold+0.06%Neutral for UK stocks
AUD/JPY-0.16%Bearish for UK stocks
US 10yr Yield+4.01%Bullish for UK stocks
Regency Risk Barometer Snapshot

The FTSE put in a sharp intra-day reversal yesterday – rallying from lows and forming a bullish long-tailed candle.

While yesterday’s price action was bullish, momentum is still damaged from Friday’s sell-off. One scenario that could play out is a retest of the broken trendline, or a retest of resistance at 7,167. Either way, we are likely to selling pressure increase the closer we get to resistance.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Gear4music (G4M)
Novacyt (NCYT)
Smith (DS) (SMDS)
Staffline (STAF)
Trackwise Desi. (TWD)
Trifast (TRI)
UK Economic Announcements
(07:00) Public Sector Net Borrowing
International Economic Announcements
(15:00) Existing Home Sales (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.