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4th May 2022. 7.47am

Regency View:

Morning Report – Wednesday 4th May

FTSE to open at 7,560 (-1 pt)

US stocks consolidated Monday’s turnaround with the S&P 500 holding above key support.

While overnight, Brent and WTI crude prices have ticked higher after industry data showed drawdowns in US crude and fuel stockpiles, raising supply concerns.

Asian stocks have weakened on the back of strong oil prices and also in anticipation of this evening’s key Fed rate decision and monetary policy statement.

S&P 500+0.48%Bullish for UK stocks
Hang Seng-1.02%Bearish for UK stocks
Gold-0.13%Neutral for UK stocks
AUD/JPY+0.35%Bullish for UK stocks
US 10yr Yield-17ptsNeutral for UK stocks
Regency Risk Barometer Snapshot

The FTSE broke and close back above the broken support / new resistance area at 7,536 that we’ve been highlighting for the last two weeks.

A short-term structure of lower swing highs and higher swing lows appears to be ‘funneling’ the market within an emerging ‘wedge’ pattern.

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.