17th November 2017
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Was a nice rise off the lows yesterday on the FTSE, and managing to get long right at the bottom was rather nice for us all. The bulls however failed to break 7400, even though the S&P500 had its steepest rally in two months, stalling just shy of a new record high.
In the US, House Republicans passed their tax overhaul plan yesterday, with a bill that cuts the corporate rate and lowers taxes for most Americans garnering the support of most of the party’s representatives.
The People’s Bank of China helped risk sentiment return to the region by injecting the most liquidity to the financial system since January in a bid to alleviate soaring yields on 10-year sovereign debt.
FTSE Outlook and Prediction
It was surprising that the FTSE 100 didn’t push on more with the US strength yesterday so we are still being held back by cable and Brexit. For today there is initial support at the 7360 level, with 7340 below that. If 7360 holds an initial test this morning then we should see a rise towards the pivot at 7380, and possibly the 7400 level.
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