4th October 2017
Well that was a slow steady rise to the 7469 resistance level yesterday, but only a modest reaction there as the bears tried some tentative shorts but didn’t really get anywhere! We have certainly started Q4 strongly, and the US is pulling everything up with it. Another day, another close at record highs as the US markets await news of Yellen’s successor. ADP employment data is due today, forecast at 135k increase, versus 237k in August. Cable continued its decline, holding below the 133 level, and helping to push the FTSE 100 up as once again seem to be correlated (for the moment anyway).
We have a dividend today of 3.5 so may see a small rise towards the bell this afternoon as some buyers come in for that.
FTSE 100 Outlook and Prediction
I am seeing another rise and dip (though hopefully a bit more of a dip this time) again today. Have some key resistance levels at 7508 and 7520 so am thinking that a rise to this area as we bounce off the 2 hour support first thing at 7459 (we also have the daily pivot here as well). Overnight we have remained pretty strong, again not really dropping off the 7469 resistance level seen yesterday. The ASX200 had a bearish session again though, and gold has started to rise. Institutional investors are buying this up so that they don’t miss out – need to make the money work.
There is a 3.5 dividend later so may see some buyers come in for the towards the bell, even though its a small one.
I have plotted the blue and pink arrows, with the latter just in case we get a slight push over the 7509 resistance. With my two main resistance levels so close together it makes sense to short at both and just have a wider stop. Ideally we will get a bit of a dip down from this area to the daily support at 7360 before more upside and a charge towards 7600. It’s looking that way at the moment, possibly even new highs on the FTSE above that.
On the bearish side, if the bulls can break the support at 7460 to start with, then as mentioned there is daily support at 7360, though I think the 7410 area will likely see a bounce if they were able to get it that low.
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Dumped my ftse long at 7469 for 0.4% gain. Was all-in and not prepared to forgive the lack of early morning charge to 7500.
Bought gold with stop 1267, fairly big position.
Morning all. Holding ftse and dow shorts
Still doesn’t really want to drop does it!
Annoying, Dax. I thought it would create double bottom at 13.30 first.
Yeah, damn thing just keeps going up
Yep, are you short Dax as well? I thought you only short Dow and FTSE. I didn’t expect such strength from Dax today and missed long entry, thought I’d come later for it but it was done when I came to it. Short didn’t work out so now waiting for a new day.
No. I just cant trade dax so stay away from it. I just can never get close to the pulse for dax. Not my cup of tea! 🙂
I was referring to dow
Wow, Dow is really flying atm.
Bailed on gold @ BE, retreated too easily from above 1280 not the PA I was looking for.
Back in cash, and thats a fact,
Feels so right its good to be back.
Dax, go down.
I’m gonna hold until they eat it: 12945
Trading doesn’t get exciting nowadays. +1