24th Aug 2021. 7.43am
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|
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.
|International Economic Announcements|
|(07:00) Gross Domestic Product (GER)|
|(15:00) New Homes Sales (US)|
Don’t have a Regency account yet?
Start receiving our actionable Market Alerts and Analysis with real-time email and SMS alerts throughout your trading day. Simply click below to create your account for free.Create Account
Any Questions? Please feel free to call 0203 973 8007 or email us at firstname.lastname@example.org
This research is prepared for general information only and should not be construed as any form of investment advice.