14th June 2017
Interesting that we still managed to have a bear Tuesday even after Asia had put in a positive session, with the FTSE 100 failing to push higher than the 7550 level. Things turning weaker? We saw a slow decline down to the 7500 level and have stayed around there overnight. we have the Fed later on today with a rate increase largely expected. Since that’s widely anticipated, the more market-sensitive elements of the meeting will relate to signals on future policy – either the path for rates or plans to cut the $4.5 trillion balance sheet.
The ASX200 was bullish again today, though not as strongly as Tuesday, and that may well help the FTSE 100, however, the 2 hour chart is looking weaker with resistance at 7507, and the top of the 10 day Bianca is only at 7539 for today. With gold rising, and cable moving above 127 yesterday, the FTSE 100 is struggling a bit.
FTSE 100 Outlook and Prediction
For today I am thinking a bit of a dip and rise day. We have decent looking support at the 7462 level, and also resistance at the 7507 level. The bulls will need to be quick out the blocks this morning to break above the daily pivot at 7515, but with a bearish looking 30min and 2 hour chart I think we might see a bit of a dip first. The overnight action has been pretty flat, and we have seen bit of a rise in gold again.
Above 7515 then the bulls might well be able to push for the 7545 level, possibly the 7562 though they may well need some positive news to help them get that high. It looks a bit weaker now, with the 10 day channels heading down, however, we are only 100 points off the recent high so its not all doom and gloom.
Want more detailed analysis? Then please join our active members community.
What you get
- Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
- Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
- WhatsApp and webinars group membership for discussion and realtime trade updates