29th March 2018 – FTSE 100 Trading signals
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The bulls managed to get the FTSE back above 7000 yesterday and make it stick and will be looking to try and close out the first quarter in a better position than it was earlier this week. Volatility remains elevated as markets swing up and down with abandon. The MSCI All-World Index of global stocks is poised to snap a seven-quarter winning streak – its longest such stretch of gains since 1997 – while global bonds are set for their first decline in currency neutral terms since 2016. The S&P wasn’t so bullish yesterday with the bulls failing to hold onto gains above the 2620 resistance level. There were repeated tests of this level after the original short but none of them managed to break though, and in fact it bounced between 2600 and 2630 for most of the day. This was despite an upward revision in US Q4 GDP than last estimated, helped by an upward revision to household spending on services and a smaller drag from inventories, according to Commerce Department data released yesterday.
FTSE 100 Trading Signals, Forecast and Prediction
Looking at the chart we have initial resistance today at the overnight high at 7045, from which we may well see a small pull back towards the daily pivot at 7006. If the bears break below the pivot then 6984 is the 200ema on the 30min and may well hold as support as the bulls will be keen to try and keep the end of Q1 above 7000 for a better looking close to the quarter.
If the bears grab it then a move down towards 6933 is probable where we have the 2 hour coral line. For the bears we are currently sitting at the top of the 10 day Raff channel with resistance at 7035 first thing this morning, and a weaker US session yesterday may see a bit of a dip this morning.
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