2nd June 2017
The calm before the storm (NFP today) yesterday with the FTSE 100 being fairly flat and just the gold order taking during the day. The S&P reacted at the 2427 level for a few small short points, but the trend remains up for now. As such we are still in buy the dip territory but have 7650 as resistance, with 7612 below that for a fib level. It will be all eyes on the NFP news today at 1330, and may bolster the case for a rate increase, with a gain of 182,000 positions expected. In other US news, Donald Trump said he would withdraw the U.S. from the Paris climate pact.
FTSE 100 Outlook and Prediction
We have some decent resistance at 7612 to start with today with 3 key levels here so a short around this area looks good initially. We may well get a bit of a gap close as the futures prices have risen well overnight, so as such I am expecting a dip back towards the 7550 level, where we now have support on the 2 hour chart as well as the 200ema for support on the 30min chart.
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