25th October 2017
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Another day and another fairly static FTSE 100, while the Dow Jones made another fresh all time high, driven by earnings results from 3M and Caterpillar. The latter’s good results indicate that the global economy is doing well as it indicates growth through construction. Further indications of global growth are coming as the Federal Reserve and other central banks start to pull back on monetary stimulus. The European Central Bank is expected to announce a reduction in the size of its monthly stimulus spend at its policy meeting Thursday.
UK GDP for Q3 at 09:30 forecast at 0.3%
FTSE Outlook and Prediction
For the FTSE, the bulls will be keen to defend the 7500 level again and keep us in the 7540 to 7500 range that we have been in for a while now, while the bears will likely manage a dip down towards 7475 if that were to break. Above 7540 then 7575 and 7630 beckon. Pretty much every dip has been bought up though, so we may well see fresh buying at this 7475 level. Should it break then 7430 is the next support and more than likely will trigger a bounce.
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