11th July 2017
Took a while to get going but the 7350 long finally made it up to 7380 for a nice gain. The bears took it down again from there at the end of the day, and the 7380 area really is being a stubborn one for the bulls to break. S&P just missed the 2421 long order which was frustrating as it bounced just above that to hit 2430. Can’t win them all! Was a bit of a low volume treading water sort of day, as even the end of day shorts didn’t really do that much, as investors await earnings from some of the big hitters later this week.
Investors will hear from U.S. policy maker Lael Brainard on Tuesday in a speech focused on normalization of central bank balance sheets, and Federal Reserve Chair Janet Yellen’s semi-annual Monetary Policy Report to Congress is Wednesday. The Bank of Canada announces its interest-rate decision tomorrow, with a hike expected by most analysts.
FTSE 100 Outlook and Prediction
I have a feeling that today might well be the day that we see the 7405 level that has been resistance for a while now. All depends if the bulls can push past 7385 though. We also have the top of the daily channels at XXXX area, so if they push a bit higher then this level looks a good spot for a short. There might be a fair few bears waiting at 7405 though so it might struggle to get that high. We shall see.
It’s a bear Tuesday again, so if the bears do come out to play at either 7405 or XXXX then a run down to XXXX again, and possibly the XXXX level looks feasible. There is a chance still that it gets even more bearish this week and we go sub 7300 to support around the 7260 level. A long here might be worth a go though.
Initially we have both Bianca channels flagging resistance at the 7390 to 7397 level so there are still some hurdles for the bulls to jump, even with that decent rise off 7350 yesterday.
So for today I am trying shorts off those key resistance levels and thinking it’s a short the rallies sort of day.
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