24th January 2017
FTSE 100 Support 7165 7162 7156 7153 7142 7136 7106 7045
FTSE 100 Resistance 7190 7194 7203 7215 7249
Good morning. More weakness in the markets yesterday as Trump enacts some more executive orders to see through policy changes that he campaigned on. However, the FTSE 100 found support at the 7130 level, rebounded twice from around here to test 7175 during the session. It actually looks a bit more positive to start today with support at the 7153 area, for a rise to 7190 and possibly higher. 7165 is the bottom of the 20 day Bianca channel also, so if we do start to move up then we could actually get a decent move out of it. The slight spanner in the works for increased volatility today is that the Supreme Court are voting on Article 50 today. A result that is likely to see them say parliament need to vote on it. That might lead to the pound falling against the dollar again, which would help the FTSE rise.
FTSE 100 Outlook and Prediction
For today I think we might well get a bit of a rise. I thought that the 7150 level yesterday might have put up a bit more of a resistance but alas not, and the bears managed to take it down to 7128. Since that though we have climbed back up and have a bullish looking 2 hour chart with support at 7154. I think a long around here is worth a go. I can see cable (GBP/USD) dropping back a bit from this 12500 level, which would help a FTSE 100 rise, and we also have a slight bearish 30min Gold chart to start the day. The S&P dipped and rose yesterday (just missed the 2258 long order of course!) and managed to rise to 2267, a rise that its likely to build on I am thinking.
So, fairly simple plan for today really, looking to buy any dips, especial;ly around the 7150 area for a rise to 7190 or higher (7250 would be good!). The bulls will need to break 7190 though as we have a red coral here on the 2 hour chart.