7215 support 7290 resistance | Can the bulls hold the lows today for a rise | Trading analysis

7215 support 7290 resistance | Can the bulls hold the lows today for a rise | Trading analysis

9th October 2018

U.S. stocks clawed back steep early losses yesterday, while earlier in the day the FTSE 100 broke below the 7290 support (a low of 7221 was seen after the bell). The US rise saw the FTSE regain some ground towards 7270 as the bulls fought back, though overnight we have dropped back to the 7250 support area.

In the US, investors sought bargains in beaten-down utilities and consumer shares after a two-day swoon. Technology firms remained lower on concerns that trade tensions with China are rising again. The S&P 500 Index retraced just about all of an earlier slide, while the Nasdaq 100 Index fell to the lowest level since Aug. 1 on its third day of declines, with software companies and semiconductor manufacturers the worst-performing groups in the market. Volatility appears to be returning, with the Cboe Volatility Index, or VIX, at one point touching its highest intraday level since June.


FTSE 100 Trading Signals, Forecast and Prediction

Its been a while since we didn’t get a bull Monday and the last time we did we ended up seeing a bit of a kick up on the Tuesday. With the bulls defending the 7220 area yesterday and hovering around 7250 now, we might well see a rise towards the 2 hour resistance at 7290 before further downside. The daily chart is still showing a swing short entry at the 7415 level now.

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