9th May 2017
Good morning. Fairly flat day yesterday on the FTSE 100 as the French election news was digested, though as expected the Dax saw a lot of profit taking and fell sharply from the 12840 area to 12700. We had a bit of a weak bull Monday, and I am still thinking that we will see a bit of bear Tuesday today, especially as the ASX200 dropped sharply at the open after CBA announced weaker earnings. The FTSE 100 failed to rise much above the 7300 level yesterday and we have 10 day Bianca resistance at 7328 for today, slightly lower than yesterday so the bull run might be slowing.
FTSE 100 Outlook and Prediction
For today I think we might well see a bit of a dip first thing, in a replication of the moves seen on the ASX200. The 30min chart has a bearish trend line with resistance at 7315 and we have the daily pivot at 7307 as well. The 2 hour chart is a lot weaker looking than yesterday now, though hasn’t locked into a confirmed bearish set up. However, I think shorting the rallies today is a good play, as the S&P also failed to break above 2400 yesterday with any conviction, and the top of the 10 day channel on Bianca is 2403.
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