31st October 2017
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Fairly flat day yesterday across all the markets, with the FTSE 100 bulls failing to break above the 7500 level, and the bears couldn’t break the 7475 2 hour support. It’s all eyes on the BOE on Thursday and if there will be a small “hike” of 0.25% in interest rates. Less of a hike and more of a tiny increase though really! Was a bit of a shame that the gold long at 1269 just missed, as the low was exactly 1269, especially as it then rose to 1279 as expected! The slight downside of using automated orders sometimes. Ongoing assessment of US tax reform also caused markets to take a breather, while the US/Russia links over Trump continue to rumble on, with Paul Manafort being charged with secretly lobbying yesterday.
FTSE Outlook and Prediction
For today I am thinking that we will see more consolidation and a fairly flat day while we wait to see what the US does with their rates on Wednesday and what the BOE announce on Thursday. a slight decline towards the 7455 level looks possible as some profits are banked after the recent rises, with the possibility of a decline down to the 7407 daily coral line still a possibility. That said, I think the bulls will try and defend the 7455 level quite strongly as they are still hopeful of a rise towards 7600 soon.
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