29th June 2017
What a day that was with the long tagging perfectly at 7381, and then a rise all the way up to our shorting level at 7439 – should have been greedier with that though and it was surprising that the FTSE fell away as the US was rising strongly. Good move bailing on the S&P short at breakeven in the end.
The FTSE fall was driven by Carney changing his stance from just a week ago and is now talking about rate rises. Say what you’re told to say by the look of it – seems quite a U turn in a week! “Some removal of monetary stimulus is likely to become necessary if the trade-off facing the MPC continues to lessen and the policy decision accordingly becomes more conventional,” Carney said.
Asian stocks followed a rebound in the U.S. as investors bet the global economy can withstand tighter financial conditions as growth picks up. The euro rose to the highest level in a year while oil continued to climb.
FTSE 100 Outlook and Prediction
For today I am looking at initial resistance at the XXXX area. If this holds as resistance then we may well get a drop down to the 30min coral line at XXXX. The bulls will be bouyed by the fact that they kept it above 7380 yesterday, and also the psychological 7400 level as well. As such they will be keen to build on that. If they break XXXX then a rise to XXXX looks viable, and also a key fib level at XXXX. A short here is worth a go.
Below the 7380 support level I am watching XXXX – which is an area that IG spiked the price down too the other week as the computers had a bit of a fit. These ghost spikes often come to pass so its worth noting the levels when you see one.
I am still feeling bearish though and shorting the rallies still feels like the best play.
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