20th September 2017
Markets were fairly calm yesterday as traders await the Fed meeting results which will be out at 7pm tonight. Most are expecting things to remain unchanged but we shall see. Carney in the UK has been mooting a couple of rate rises to gauge the markets reaction, maybe once again just using talk to try and combat the rising inflation figure rather than an actual rate rise. US President Trump was also ramping up the anti-North Korea rhetoric at the UN yesterday, with fighting talk during his speech.
FTSE 100 Outlook and Prediction
For today we might see the usual “buy the rumour, sell the news” in the run up to the Fed meeting results at 7pm. I am watching the 7285/95 area as initial resistance and we are still looking bearish below 7300. If the bulls better this then 7317 is just above R2 and also a key fib level so may well see a reaction and possibly a drop off here.
Support wise, I am watching the daily pivot initially at 7267 – this was previous resistance which has now been broken, and if the bulls can hold above this today then we should see a rise through the 7300 level to test the 7320 area. If the bears were to break below this area then a dip down to 7220 is possible and we have the 2 hour support here (though its a while after the 2 hour chart turned bullish, but still support). Worth a long here for another charge at 7300+.
If the bulls can break above 7320 then a rise to 7365 looks to be on the cards and confirms 7195 as the low for the time being.
Those are the main areas I am watching – 7320, 7267 and 7220.
Got a new advert one of the members has made for me…… what do you think?
Membership
Want more detailed analysis for FTSE 100, DAX, Gold and S&P? Then please join our active members community.
What you get
- Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
- Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
- WhatsApp and webinars group membership for discussion and realtime trade updates