22nd August 2018
The S&P 500 climbed to a fresh record yesterday, eclipsing January’s high to mark yet another milestone in a nine-year bull run that by some measures is now tied for the longest in history. The rally though, came to a screeching halt at 2873, unfortunately a bit higher than the 2863 resistance level, as politics again took the front seat.
President Donald Trump’s longtime lawyer and fixer Michael D. Cohen admitted he made illegal campaign contributions at the behest of an unnamed presidential candidate presumed to be Trump. While Trump’s name wasn’t mentioned at the hearing, he admitted to making a $130,000 payment to someone at the candidate’s direction to silence them. The admission came just as a jury in Virginia found Trump’s former campaign chairman, Paul Manafort, guilty of tax and bank fraud charges.
The FTSE 100 managed 7602, failing to reach 7615 before dropping in line with the US. The news helped the gold long though which is still running from 1191.
FTSE 100 Trading Signals, Forecast and Prediction
I expect we will see some cautiousness on the FTSE 100 today, waiting to see how the US markets react later on following the news in the US. The FTSE 100 2 hour chart has gone bearish now as expected after that weakness, and the bears were in control yesterday. The bulls didn’t manage to get the price to the 7613/7624 level though that still remains a valid shorting level if it were to be seen.
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