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24th Aug 2021. 7.43am

Regency View:

Morning Report – Tuesday 24th August

FTSE to open at 7,126 (+17pts)

The S&P hit yet another record high yesterday as the index completed its comeback from last week’s sell-off with traders buoyed by the FDA giving full approval to the BioNTech/Pfizer vaccine.

Oil and other commodity prices bounced back as the US dollar weakened, which has also created a tailwind for Asian stocks to erase some of last week’s heavy losses.

S&P 500+0.85%Bullish for UK stocks
Hang Seng+1.82%Bullish for UK stocks
Gold-0.02%Neutral for UK stocks
AUD/JPY+0.52%Bullish for UK stocks
US 10yr Yield-0.57%Bearish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE fail to maintain its inside day breakout – closing back within Thursday’s range and creating a mildly bearish ‘fakeout’ scenario.

With the market set to open at the top of the inside day pattern, a break below yesterday’s low during the opening rotation could trigger a retest of Thursday’s lows. However, given yesterday’s strong performance on Wall Street, we should also be prepared for the market to make another attempt to break higher.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Interim Results
Puretech (PRTC)
International Economic Announcements
(07:00) Gross Domestic Product (GER)
(15:00) New Homes 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.