7550 channel support holds | Day trading strategies | Analysis | Signals

Bulls defend 7500 but still 7540 7560 7580 resistance with 7620 above that | 7470 support | Sterling gains | Analysis

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Today’s Analysis

3rd August 2018
We finally dropped down to the bottom of the range that I have been expecting at the 7550 to 7570 level, and having tested that 7550 level (did go slightly below to 7540) we have seen a bounce here, as the US markets rallied yesterday evening (tech led), and the S&P defended the bottom of its channel at 2793 much more accurately.

The BoE raised rates to 0.75% as expected – Probably get one or two more rises prior to the Brexit divorce date so they have room to drop them down again if needed.

Historic day yesterday as Apple became the first company to hit a trillion dollars valuation. Wonder how long it will stay there as these sort of things usually mark a high point……

Data due today will probably show that the U.S. economy added jobs at a healthy rate again in July, with the forecast 192k.

FTSE 100 Trading Signals, Forecast and Prediction

For today we have a few more earnings out, include Warren Buffett’s Berkshire Hathaway which is closely watched, and of course the US NFP jobs data at 1330.

I am thinking that we see a bit more upside this morning with the bounce from yesterdays 7550 continuing, and looking at a rise towards the 7670 level. If it stalls here then a down leg could well resume and I am looking at a drop down to 7490 as a possible scenario.


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