5th April 2018 – FTSE 100 Trading signals
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Well I didn’t think we would see a rise to 7120 last night, as I was expecting this level during todays session! The US fought back from Tuesdays drop with a strong performance yesterday, the S&P erasing a 1.6% decline to finish 1.2% up. From a low of 2561 at 10am to 2659 as I write this! Was a bit early with the S&P long yesterday but the dip and rise across the board was the right sentiment – it dipped lower initially as China retaliated with their own $50bn worth of tariffs. Traders obviously decided after the initial shock that it wasn’t much to worry about! Especially after representatives from China and the U.S. left the door open for a negotiated solution to avoid tariff proposals that wouldn’t take effect for months.
FTSE 100 Trading Signals, Forecast and Prediction
A bit earlier than expected but we are now at the 7120 area and have resistance here. I am thinking that we retrace a bit of the rise first thing this morning to drop down to test the support area at 7060 to 7066 and from there can build on the bullishness again. For the moment, and continuing yesterdays vibe, I am expecting more upside as we head towards the US employment data tomorrow. It looks like the low of 6850 is the short term low, and we wont get to the 6800 level, especially if the bulls can break above 7120 convincingly – something that they will need to do today.
Bloomberg’s Asia Report here
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