10th March 2017
FTSE 100 Support 7315 7308 7306 7282 7279 7265 7237
FTSE 100 Resistance 7350 7358 7375 7399 7408 7416 7419 7440
Good morning. Nice V shaped day yesterday so fading the longs in worked a treat, and closing at 7320 was pretty much the top of that run back up. The market has started to anticipate a decent NFP as we expected it would, which is why that dip was overdone – stop hunt or bear trap, one or the other!
Overnight the FTSE 100 has gained further on the futures prices and I am thinking that a buy the dip this morning is a good plan, probably at around the 7315 area. With regards to NFP, employers probably added around 200,000 workers to payrolls, in line with the average over the past six months and a sign of steady growth, economists forecast.
FTSE 100 Outlook and Prediction
Here we are with another NFP Freaky Friday. NFP is expected at around the 200k mark, showing a steady improvement in the US jobs market and continuing the theme. The markets are expecting the same which is why we have seen an overnight rise and should more than likely have a bullish day today.
Initial resistance is at 7358 but I think we may well see 7400 today. I am feeling bullish. That is definitely looking like a bear trap yesterday. However, there might be some downside next week so don’t get too carried away just yet.
Support is at 7315 and this looks like a good spot to go long, and maybe a bit lower if it drops to 7292 this morning. 7315 is the new support on the 2 hour chart, and we also have the 30min coral and daily pivot just below this at the 7307 level.
Buying the dip this morning is the plan today.