Good morning, hope you had a good long weekend. With the US trading yesterday there was a bit of movement in the FTSE futures, and the 6670 area looks a key short term resistance, with 6681 above. For today I am expecting a small rise before a dip to the pivot then a climb to bigger resistance at 6700/6710.
Fairly quiet really over the 4 days from a “news that will effect” the FTSE way; though this week sees some big hitters releasing their results in the US – Apple, Microsoft amongst others. Tomorrow sees the BOE release the latest minutes as well, though the press do seem to be bigging things up at the moment – usually a sign that bad news is just around the corner. The CEBR is forecasting continued global growth over the next two years, and said the economic backdrop for UK exports would be likely to become more supportive than at any time in the past eight years.
Asia Overnight from Bloomberg
Most Asian stocks rose as U.S. equities capped their longest stretch of gains since October and the yen extended losses, boosting the outlook for Japanese exporters.
The MSCI Asia Pacific Index added 0.1 percent to 138.94 as of 12:12 p.m. in Tokyo, with about nine shares rising for every eight that fell. Data on U.S. housing and regional factory output are due today, after an index of leading indicators climbed the most in four months. Markets inAustralia, New Zealand and Hong Kong resume trading after holidays, ahead of a report on Chinese manufacturing due tomorrow.
“China is going to probably be a little slower than a lot of people think, but overall the global economic recovery is going to continue,” Scott Wren, senior equity strategist in St. Louis for Wells Fargo Advisors LLC, which oversees about $1.3 trillion, told Bloomberg TV. Investors should be invested in “sectors that are sensitive to the economy.”
Regional Gauges
Japan’s Topix index rose 0.2 percent after the yen yesterday touched the weakest level against the dollar since April 8. Australia’s S&P/ASX 200 Index, Taiwan’s Taiex index and Singapore’s Straits Times Index added 0.4 percent. South Korea’s Kospi index gained 0.1 percent. Hong Kong’s Hang Seng Index fell 0.3 percent. New Zealand’s NZX 50 Index lost 0.1 percent.
China’s Shanghai Composite Index (SHCOMP) slipped 0.3 percent. A provisional reading of HSBC Holdings Plc and Markit Economics Ltd.’s China manufacturing purchasing managers’ index due tomorrow may show an increase to 48.3 for April from 48 in March, according to the median of 23 economists’ estimates compiled by Bloomberg. Readings below 50 signal contraction.
The MSCI Asia Pacific Index yesterday traded at 12.6 times estimated earnings, compared with 16 for the Standard & Poor’s 500 Index, according to data compiled by Bloomberg.
Futures on the S&P 500 were little changed today. The U.S. equity benchmark gained 0.4 percent yesterday, rising for a fifth day, on improving earnings.
FTSE Outlook
The 2 key levels I am watching today are 6610/6600 and 6670/6681. If we get some volatility today I am expecting those area to be hit and for a dip and rise scenario today. We have a decent 30 minute channel in play, but it can sometimes be a bit tricky after bank holidays, especially 2 of them back to back. The lower range is the bottom of that channel and also the daily pivot area (6603) and the upper area is the level hit yesterday out of hours. If that does break then 6700 is the top of the Bianca 10 day. Things to do look fairly positive for a bit pif bullishness for the moment, off the back of Thursdays rise last week.
Went short at R3 6671 but should have realised after 2 days off it would spring up with strength.
Stopped out so waiting to go short between 10-11
Short @ 6684
Looks like its going for a 6700 top before turning.
Short on dax 9550 stops 9600
Marco
Agree with you – probably at 6710
Whats your reason for 6700 – is it a pivot ?
Where are your pivots for today?
One more question – Where are you from – I see you
wide awake and blogging at 1.30 am UK time ?/ Lol !!
Will the Dow beat 16500? Will the FTSE get past 6700?
What a nightmare. The ISP I use for this site got hacked with a DDOS attack and took everything down. The joy of computers!
Yeh, I noticed I couldn’t get on your site. Hope it’s ok now and everything is intact!
Seems so! Fingers crossed!
The FTSE can be quite stubborn, still waiting for the drop!
Hi Rob
Funny morning 6700 is a round number that’s all my reasoning behind it and ties in with Nicks top of the 10day bianca channel.
Should have been aware of today after a 2 day holiday. Dow has looked muted to me so expecting a drop this afternoon .
Not normal for me to be blogging at that time just woke up and remembered I had to do the tooth fairy for my son.
What gives you the 6710 top ?
Marco
its the R2 pivot
Rob those cant be Thursdays numbers you used as I had pivot at 6603 and R 3 at 6671
im long since 6650 took half out at 6690..
looking to re-enter around 6675
Wat level ftse is going up to 6720???
i think we gona see 6800+ in the coming days.
atleast thats what i believe, all markets are in line again now.
Hashmash
1. What do you use to say – all aligned?
2. What makes you deduce – that this means going up ?
3. Why & how do you arrive at 6800+ ?
4. Most people use pivots here – but you seem to be using something else – could i ask what this is ?
1. BEOFRE : My indicator was showing ftse as bear and S&P/DAX/DOW as bulls, now all of them are bulls.
2. I “think” ftse has broken its range bound behaviour now. and my strategy is showing a bull trend, hence why i believe its going up.
3. 6800+ is where i have next resistnace – 6868, but before that there is some resistance at 6726 which i mentioned a couple days ago.
4. I use pivots as well, but there are times when i use channel supports/resistance or recent lows/highs if the market is too far from pivots.
time to go short big time boys..hashmash is predicting 6800!!
amadeus, looks like ur new around here….
Not that new, have been reading comments for a while know. I think you’d be the first to admit a lot of your calls recently have been wrong..i’ve actually shorted big at 6710 and added at 6680. Expect to hit 6600 before week end.
meaning you are new….
and yes i do admit most (if not all my latest calls have been wrong) because im a momentum trader and not range trader….
thats why i stopped for a bit for the range to break and to me it LOOKS like it has broken…
the last trade i made i caught 90 points with a serious size position, but close B/E as markets rebounded- hence range bound.
everyone has a different style of trading, i like to make as few possible trades to catch a chunky move in the market.
Hashmash is reading the stars to predict the future…
ah i dont forecast prices lol i try to follow the trend…which has been quiet shit this year cus of the range bound behaviour!
What stars might they be!??
those that twinkle or those that are on the nig screen ??
Stops hit on Dax back in at 9605..
Rob
Did you use Thursdays high low and closing price to calculate your pivot /supports/Resistance for today??
Cant see how you got R2 at 6710
6670 adding more longs!
agg stop set to 6640
will we see 6617 again!!! can see why you went for 6670
lol funnily enough i can see why u saying 6617 as well!!!
because of the trend line yes?
i wont say we wont see 6617 again.. 🙂
if we do then thats def a long region
It’s weird: Dow going up FTSE going down at the same time. How’s that possible?
Jack, it is beacuse of divi
Good call on the gold short nick.
Long from 1272?
Thinking of closing the short at 1278.
Cheers.
http://i1348.photobucket.com/albums/p736/jmca01/FTSE100DFB_zpsab95bed4.png
FTSE/weekly — Hashmash’s 6800+ seems quite plausible. The indicator included above shows growth in LinReg 20 easing into positive territory. Positive price momentum is beginning to pull that variable upwards. That process continuing for just a short while should produce ≈6800, in line with previous highs this year.
Close my long ftse loss.
Just wonder that would ftse up till 6780 for this week?
im looking for a rise to 6726 this week and then back down to 6650ish region then a rise up again.
Are most of you here swing traders or day traders? (If you don’t mind me asking)
Jesus what a bad bad day for me today!! Went short when should have gone long and then got called into work for some emergency meetings so couldn’t cash out at the right time. Stop then took me out!! Whats the outlook for tomorrow in your opinions guys
Any one short ftse???
Marco. Whats your outlook for this morning?
Tan, are you still holding the short from thurs?
Looks like its going to be a short this morning not in yet watching
Cut my short yesterday loss. Any buy in short agian. Today look like ftse going up agian.
Yes above pivot at 6671 and hovering at uyestrrday close need it to dip to 71 no direction yet
Still no direction.
Looks like its going to go to pivot first
Long from 71?
Hey Marco
Check what your pivots are ?
P = 680 R1 = 713 R2 741 R3 774 Si 652 S2 618 S3 591
Morning Rob
Pivot 6671
R1- 6702
R2 – 6721
R3 – 6752
S1 – 6640
S2 – 6621
S3 – 6590
Rob can you give me your figure for your pivot I am working off yesterdays high low and close
6706 +6625+6681
6708 6647 6685
Rob, this is my dilema I am using google historical prices which dont tally with any of yours!!! where are you geting your figures from?
from my broker
Not in yet might wait for 10-11
short order 6700
Rob
Its interesting that the low price you are using is the live low price and not the previous days close. I have asked this question before but not got to the bottom of it. As you can see it creates a very diff pivot/support/resistance numbers. From what I can see Nick uses previous days close as low.
What are yours or anyone else’s thoughts???
looking to go long at 6671
Marco
The official figures – are 706 625 681
But my brokers figures are 708 647 685
yes they give P = 680 R1 713 741 774 S1 652 618 591
Probably the best thing to do under the circumstances is to see which
works today & then assess
Well its interesting as today your pivot worked well first thing but I have a hunch the 71 pivot will come into play shortly for a bounce up till US open
Marco
Do you only use Pivots for entry & exit
or do you use other things as well ?