Bearish still with 7395 and 7370 support areas | 7450 resistance | Fearful markets!

Tories storm to a big majority | 7415 resistance after an initial relief rally today | Cable holds 13500 | 7300 7270 support

5th October 2018

The US sell off filtered into the FTSE 100 yesterday with a drop down to the 7425 support where we had a small 20 point bounce before the bears took it down further as the S&P broke below 2900. From those lows however we saw a bounce and the FTSE 100 has climbed back above the 7425 level as I write this, at 7436. The S&P has climbed to 2907.

We have NFP (Non Farm Payrolls*) today, with the forecast currently 185k against 201k previously. The unemployment rate is forecast to drop to 3.8%. Both of these are due for release at 1330, so bear that in mind as they will move the markets. Trading can be tricky on an NFP Friday so worth being a bit more cautious today.

FTSE 100 Trading Signals, Forecast and Prediction

Tricky one to call today. On the one hand we have climbed off the lows yesterday and may keep going up towards the resistance area on the 2 hour chart at 7460 to 7483, on the other hand its NFP Friday which always puts the cat amongst the pigeons.

Despite yesterdays sell off and drop down to 7400 I am still feeling slightly bullish overall, and as we are at the bottom of the Raff channels think we may still see a rise from this area. That said, there is still a gap down at 7370 that needs to be filled (bear it in mind as it may drop down there today) and also a possibility of a decline towards 7200.


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