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20th Oct 2021. 7.46am

Regency View:

Morning Report – Wednesday 20th October

FTSE to open at 7,214 (-4 pts)

The S&P 500 continued its recent bull run yesterday despite US bond yields hitting their highest level since May…

Consumer goods giant Proctor & Gamble maintained its full-year earnings forecast yesterday despite significant inflationary pressures – giving traders confidence that companies are getting to grips with higher inflation.

Asia markets have had a mildly bullish session with the Hang Seng and Nikkei 225 in positive territory as we head into the start of European trading.

S&P 500+0.74%Bullish for UK stocks
Hang Seng+0.56%Bullish for UK stocks
Gold+0.34%Bearish for UK stocks
AUD/JPY+0.37%Bullish for UK stocks
US 10yr Yield+2.21%Bearish for UK stocks
Regency Risk Barometer Snapshot

The FTSE continues to respect resistance at 7,235 – closing just below it yesterday as the market tread water within Monday’s range to form an ‘inside day’ pattern.

Monday’s range now becomes pivotal in determining our directional bias…

A break below Monday’s range would signal a failure at resistance and could trigger a deeper sell-off, whereas a break and hold above Monday’s range should spark a new trend leg higher.

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.