21st February 2018
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The bulls failed to rally the FTSE 100, Dax, and S&P much before they all dropped down to their support levels. There was a bit of a bounce there though, with the FTSE climbing back from 7202 towards 7250, while the Dax added over 150 and the S&P added 20 points. Corporate earnings missing expectations weighed heavily on the FTSE 100 for a second consecutive day as blue-chip giants HSBC, BHP Billiton and IHG all tumbled to the bottom of the index. Walmart dragged down the US markets as its shares fell 9%. Attention now turns to potentially market-moving wage growth figures in the UK and Federal Reserve meeting minutes due tomorrow.
We have a large 21 point dividend today so bear that in mind for later – might well see a tick up towards the bell this afternoon, with some buying starting around 3pm, though its not a given. Unfortunately the divi trade isn’t what it used to be!
FTSE 100 Forecast and Prediction
The dividend later today may well underpin the bulls for today, but we have a cluster of strong resistance at the 7275 level so a rise to here may well then see a pull back towards the pivot at 7234. The bulls defended the 7200 level yesterday so will be keen to keep the momentum going and a break of 7275 will likely lead to the 7328 resistance level that is still in play from Sunday night.
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