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7th Apr 2021. 7.46am

Regency View:

Morning Report – Wednesday 7th April

FTSE to open at 6,852 (+28 pts)

US stocks took a well-earned pause for breath yesterday following a burst to new highs earlier in the week. While US bond yields have continued to retreat from highs – cooling the markets inflationary concerns.

Asian stocks have had a mixed session with Hong Kong’s Hang Seng erasing some of Monday’s gains and the Japanese Nikkei in small positive territory.

S&P 500-0.10%Neutral for UK stocks
Hang Seng-0.72%Bearish for UK stocks
Gold-0.03%Neutral for UK stocks
AUD/JPY-0.14%Neutral for UK stocks
US 10yr Yield-0.11%Neutral for UK stocks
Regency Risk Barometer Snapshot

The FTSE broke and closed above the key resistance level at 6,800 that we’ve highlighted for several months. This is clearly a bullish sign and has potentially opened the door for a retest of the New Year highs at 6,961.

We still need to be on guard for a false breakout scenario, whereby the market closes back below resistance during today’s session – creating a ‘two-bar fakeout’ pattern. However, probabilities favour the long side, and if we see strength during today’s opening rotation then this could lead to an acceleration in buying pressure.

FTSE 100 Daily Rolling Futures – Key Levels

FTSE 100 Daily Rolling Futures – Key Levels
Final Results
Hilton Foods (HFG)
Igas Energy (IGAS)
Pharos Energy (PHAR)
UK Economic Announcements
(01:01) RICS Housing Market Survey
(09:30) PMI Services
International Economic Announcements
(11:00) MBA Mortgage Applications (US)
(15:30) Crude Oil Inventories (US)
(20:00) Consumer Credit (US)
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.