Bear Tuesday | 7405 7420 resistance | Earnings season | Bulls weak

11th July 2017

Took a while to get going but the 7350 long finally made it up to 7380 for a nice gain. The bears took it down again from there at the end of the day, and the 7380 area really is being a stubborn one for the bulls to break. S&P just missed the 2421 long order which was frustrating as it bounced just above that to hit 2430. Can’t win them all! Was a bit of a low volume treading water sort of day, as even the end of day shorts didn’t really do that much, as investors await earnings from some of the big hitters later this week.

Investors will hear from U.S. policy maker Lael Brainard on Tuesday in a speech focused on normalization of central bank balance sheets, and Federal Reserve Chair Janet Yellen’s semi-annual Monetary Policy Report to Congress is Wednesday. The Bank of Canada announces its interest-rate decision tomorrow, with a hike expected by most analysts.

FTSE 100 Outlook and Prediction

FTSE 100 Prediction Daily Channels
FTSE 100 Prediction Daily Channels

I have a feeling that today might well be the day that we see the 7405 level that has been resistance for a while now. All depends if the bulls can push past 7385 though. We also have the top of the daily channels at XXXX area, so if they push a bit higher then this level looks a good spot for a short. There might be a fair few bears waiting at 7405 though so it might struggle to get that high. We shall see.

It’s a bear Tuesday again, so if the bears do come out to play at either 7405 or XXXX then a run down to XXXX again, and possibly the XXXX level looks feasible. There is a chance still that it gets even more bearish this week and we go sub 7300 to support around the 7260 level. A long here might be worth a go though.

Initially we have both Bianca channels flagging resistance at the 7390 to 7397 level so there are still some hurdles for the bulls to jump, even with that decent rise off 7350 yesterday.

So for today I am trying shorts off those key resistance levels and thinking it’s a short the rallies sort of day.

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31 Comments

  1. Morning. Closed my long from yesterday at 7350 for +10. Should have closed at 80!!!!
    Anyway, I now have a long and short position running on ftse, same size.
    Dow running shorts only

    1. Will see what happens if/when 7300 goes.. I’ve thought 7100-7130 as the ultimate bottom but the dip buyers don’t seem to give up so it’s possible there’s support at 7200 first

    1. No such thing as bulls and bears.. just trading the price action as it is. If we break and hold 7380 I go neutral, below there the big drop potential remains so not much point in going long unless off support with a tight stop

      1. Eh? It was from this morning. It went to 12541. 12533 was a fib level and R2 at 12528 as well.

  5. The buyers need to bid it up from here… A close at this level doesn’t bode well for a break of 7300…

  6. Hi All

    I would appreciate your thoughts please. Rather than these comments under each post which are fine but quite basic, I have set up a forum here https://www.hilsdentrading.com/forum

    This gives extra functionality and the ability to be notified to replies, follow specific threads and so on. If this works then the forum will replace these comments.

    Too much or useful?

    There is the ability to register/login/retrieve password on the bottom of the panel on the right of this page –>

    1. You know, Nick, I wouldn’t know where to start posting there. I generally tend to read all posts and here everyone is free to reply to each of us. There it’s like broken into topics, once you start talking about one thing then it evolves into technical then general chat and the starting topic is slightly deviated. All we’re discussing here is 1 day in the life. It is difficult to direct your thoughts just on one topic, that’s what I will find confusing. But I agree, this chat format is quite basic, you don’t get notified and cannot edit. But that’s me, I never like trying something new, let’s see what others will say.

      1. Yes, I know what you are saying. Simple is good and these comments are useful. But thats more of a standard forum set up so might be better for historical threads.

Comments are closed.