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2nd Nov 2021. 7.40am

Regency View:

Morning Report – Tuesday 2nd November

FTSE to open at 7,281 (-8 pts)

Wall Street’s rally stalled yesterday as traders grew hesitant ahead of Wednesday’s key Fed policy statement.

It is also worth noting that in yesterday’s European session, Italian government debt was sold off, and the gap in bond yields between German (safe haven) and Italian (riskier debt) grew to their highest levels in over a year – signalling concerns over the ECB’s backing of risky debt.

Overnight in Asia, Hong Kong’s Hang Seng index gave up its early gains and is now trading in negative territory, as is Japan’s Nikkei 225.

S&P 500+0.18%Neutral for UK stocks
Hang Seng-0.31%Bearish for UK stocks
Gold+0.08%Neutral for UK stocks
AUD/JPY-0.87%Bullish for UK stocks
US 10yr Yield-1.24%Bullish for UK stocks
Regency Risk Barometer Snapshot

Yesterday’s price action saw the FTSE break higher from the bullish pin-bar we identified yesterday – closing above last week’s highs.

Today’s pre-open price action has seen the market retreat back within yesterday’s range, but as long as the market remains above yesterday’s lows our short-term bias will be bullish.

Watch our FTSE 100 Technical Outlook video to see the next key areas of resistance on the FTSE.

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.