14th March 2017
Good morning. Apart from the dip at the open the rest of the day was fairly flat, hovering around 7375 as we await the Fed tomorrow, and also as the market was waiting to see the next stage in the Brexit journey.
Global stocks are within a whisker of a record high as analysts ratchet up expectations for the Fed to raise interest rates at a faster pace than was expected at the start of this year. Data from China showed industrial production climbed 6.3 percent in January and February combined, while retail sales advanced 9.5 percent.
FTSE 100 Outlook and Prediction
Well we had the bull (ish) Monday yesterday so will we get bear Tuesday again? There is a 9.6 dividend this week so that may well support things though of course most eyes are on the Fed and the possible rate rise. Also Brexit and when Article 50 might be triggered. The path is now clear for that, and whilst yesterday they were saying it might be triggered today (which is why cable has probably fallen in the last hour) they are also saying it might be towards the end of March. Cant beat a bit of media speculation/guess work.
Scotland want a second referendum too – there seems to be this new expectation that you can keep doing something till you get the result you want – though the PM refused to entertain that idea!
For today, we have resistance at the XXXX initially and then the XXXX area, with R2 and a fib pivot around there, and with a rise looking like the first move of the day. Above this then we have the 10 day Bianca at 7420, 20day at 7427 and then the 10 day Raff at 7445. The key will be if the bulls can break above XXXX though – that keeps things very bullish.
Support wise, we have the pivot at XXXX to start with, with a bullish 2 hour chart showing support at XXXX and XXXX so a long around this area might well be worth a go. With cable sliding this morning that should help the FTSE – it really didn’t want to drop yesterday though despite cable being up 70 odd points for most of the day.
We have a pretty big week this week really so its certainly some interesting trading conditions, but I am watching XXXX and then XXXX as main resistance levels, XXXX as support.
You are probably wondering why I have XXXX instead of numbers. Unfortunately a brokerage firm in London are copying this content and emailing it to existing and potential clients and passing it off as their own. As thats not fair on members who are paying for this content I wont be publicly posting my levels of interest.