14th March 2018 – FTSE 100 Trading signals
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The bulls tried to keep the markets up initially, with the Dax just pushing above the 12450 resistance and the S&P trying to recapture 2800. The bears however gained control, and helped by the Trump staff shake up again, saw prices across the board tumble. US Secretary of State Rex Tillerson was sacked, while US CPI showed inflation remained contained. The UK Chancellors Spring Statement was fairly routine – austerity to continue but the debt is less. Unfortunately more of the same and not much effect for the man in the street. The OBR report released at the same time showed that the UK economy grew by 1.7 per cent in 2017, compared to 1.5 per cent which was forecast at the Budget. Meanwhile it revised up its forecast for 2018 from 1.4 per cent to 1.5 per cent.
FTSE 100 Trading Signals, Forecast and Prediction
The pattern recently has been that the day after a strong sell off has seen a bounce and it looks like we will see the same today. Its usually the US that leads the bounce (as it did the day after Gary Cohn quit) so we may well see a small dip down initially on the FTSE, probably to the support at 7093 where we have a key fib level. If the bears were to break below this then S1 is 7072 and could well hold. The overnight lows at 7107 however may well hold, and there is 10min support here as well now.
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