15th November 2017
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Was a fairly decent day yesterday in terms of the orders, though with the weakness gold recovered after our initial short and pushed above the 1280 level. US markets fell initially on news that the US tax reforms were still unlikely to materialise. However, the US algos piled in at 2566 and brought the S&P500 back up to 2580 before its dropped off again overnight. The FTSE bulls failed to break and hold above the 7420 level so still looking like we will see the 7375 level shortly. Overnight we have tested the 7390 level and seen a small bounce back above 7400.
The dividend today is 14.6 so we may well see some buying as we approach the close. It’s been kicking in around 3pm recently so bear that in mind. Some more info here
FTSE Outlook and Prediction
For today I am fully expecting to see the 7375 area. We have decent support at this level along with S2 at 7371, and a fib level at 7363, If this area holds as support then the bulls will be aiming to get the price back above the 7400 level. However, the momentum is with the bears still and the failure to regain ground above 7420 yesterday keeps it that way for the short term.
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