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11th Aug 2021. 7.40am

Regency View:

Morning Report – Wednesday 11th August

FTSE to open at 7,172 (+11 pts)

The S&P 500 closed almost flat yesterday as the market formed a small ‘spinning top’ or ‘doji’ candle – signalling indecision as the Senate debate over Joe Biden’s $3.5 trillion spending plans entered a second day.

US bond yields rose for their fifth consecutive session with traders continuing to price-in tightening US monetary policy following last weeks strong employment data.

Overnight, it’s been a quiet Asian session with stocks, commodities and currencies treading water.

S&P 500+0.10%Neutral for UK stocks
Hang Seng+0.12%Neutral for UK stocks
Gold+0.21%Neutral for UK stocks
AUD/JPY+0.04%Neutral for UK stocks
US 10yr Yield+2.25%Bullish for UK stocks
Regency Risk Barometer Snapshot

The FTSE finally pushed up into the long-term resistance zone we’ve be highlighting for several weeks.

However, you need more than a resistance zone to call the market short, and given yesterday’s strong close, we’re seeing no evidence of resistance taking hold just yet.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
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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.