10th November 2017
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Yesterday saw the bears take control across the board, and the bulls didn’t put up much of a fight. Probably as it has to drop to go higher. Was that drop yesterday just a fake move to flush out a few weak longs? Give the others a better entry price? The S&P500 certainly recovered well from its lows…..
As the FTSE 100 broke the 7500 support level then 7480 was going to be swiftly tested as expected and it was. However, later on we dropped further to test the 7460 support area, which did hold for a late flourish up to 7495. Unfortunately the longs on the Dax and SP didn’t fare too well, but the FTSE trades salvaged a few points. No one reason for the fall yesterday, but rather a culmination of lots of little fearful things, as well as some profit taking after the recent rises. It’s looking like 7592 will be the short term high and we may well test 7450 today, below this and 7415 looks likely. And that also make things look a bit weaker….
FTSE Outlook and Prediction
For today, similar to yesterday’s missive, I am expecting a V shaped dip and rise day. 7450 looks fairly key for today and the bulls will be keen to defend that level as a break of that opens up a trip to 7415 and possibly lower. The bulls will be keen to get the price back above the 7500 level, but a break of 7450 is worth shorting to target the lower prices.
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