22nd August 2017
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The FTSE 100 found decent support at the 7300 level yesterday, with just a brief foray below to test 7294 and has risen back overnight, helped by the SP also finding a floor yesterday at 2418. Was hoping for a test of 7290 (the recent low) to get long from with the order, but alas it wasn’t to be. The SP long yesterday worked well, though a shame that the Dax got stopped out – that seemed very weak first thing. Volume is very thin while we await the Jackson Hole meeting, and also it’s summer holiday season. If 7300 is the short term low for the FTSE now, then we could well be back on for a rise towards 7500+, though it will be interesting to hear the rhetoric coming out of Jackson Hole central bank policy forum.
FTSE 100 Outlook and Prediction
Asia and the ASX200 managed to climb today, despite the spectre of bear Tuesday, and I have a feeling that we will follow suit today. The 2 hour chart has gone bullish after the 7300 level held yesterday, and is showing support at 7327. However, there is the small matter of initial resistance at 7345 to get past first of all. We also have the 200ema on the 30min chart here so may well see a quick dip back from this area initially. That would also gap fill with yesterdays closing level at 7320 and may well then see a rise starting from that area.
As mentioned above volume is extremely light as it usually the case in August, but the 7300 level holding is a good sign for the moment. We should therefore see a rise to the top of the 10 day Raff at 7404, and if the bulls can break that then we are likely to stay in the 250 point range we have seen for a while between 7300 and 7550, and test the top of it.
Of course, a lot of this low volume is due to everyone keeping their powder dry while we await the outcome from the Jackson Hole meeting.
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