11th September 2017
That was good support at the 7360 level we had on Friday which held and saw a slow rise from. The futures prices have also opened higher for the week after Irma was downgraded as it hit landfall and North Korea had a party rather than firing missiles to celebrate “founding day”. Risk appetite also returned to the markets as the chances of Federal Reserve interest rate increases this year receded after the U.S. was struck by the first back-to-back major storms since 1964. For now, I am looking to make sure Friday’s low area holds as support, and watching to see if the bulls can take us back to 7500+ this week, though we have a stumbling block at 7455 in the way first.
FTSE 100 Outlook and Prediction
Well, it looks like we are on track for a bull Modnay yet again, with a strong showing from the futures prices and a move above 7400. As mentioned above the bulls will need to break the 7440/7455 area to push higher, and we have a bit of a gap at 7380 which may well fill. There is also pretty decent support at this 7380 area on the 30minute chart to start with today, so buying the dip looks like the most sensible play. The markets have been buoyed up by Hurricane Irma not smashing Florida as badly as feared and also rate rises look to be on the back burner.
If the bulls can break the 7440 to 7455 area then we should be on for a rise to 7500 and maybe a bit higher though the top of the Raff channels are both at 7480 so again, another hurdle to jump here for the bulls. I have put a short here on the trade plan as when they are close together they usually represent a decent level.
Generally today I am feeling bullish and thinking that we will see a bull Monday. However, if the bears take the price below the 7373 pivot area then that changes the picture a bit and the bulls will be on the defensive – needing to hold the 7350 level. A break of this is likely to see 7300. For the moment it all looks bullish though.
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Higher low around 7360 gives the bulls confidence. I am long 7390 from last week and looking to add this week. I will accept a rise and dip over next few days looking for the next higher low to move all-in. I may even look for a decent 4 hr candle with a tight stop for this.
Bulls should be looking for 2 things here. A move beyond 7500 composed of 2 more strong days tuesday and wednesday. Alternatively sideways days of little range but holding above 7400 before a good thrust thursday or friday beyond 7500. Support at 7400 must hold. Holding long should feel easy in both these scenarios.
Thanks CM. FTSE has stalled just shy of the 7440 resistance level so a dip back towards 7400 looks probable now too.
Yup good call. I will look at the closed 4 hr candle at 2pm to decide whether to buy or not with tight stop.
Can they defend 7390?!
They have to, to help my Dax long.
Sod it. I have bailed at breakeven and am now in cash for better opps.
4 hr engulfer suggests further falls.
Holding long 12428 taken profits on b/e, the question how far should I hold, no idea. Seems breaking 65 now
Had numerous trades 12444 and lower, it was a bit annoying when it was edging down, at some point I thought it would break down at all, FTSE wasn’t helping at all. But it survived thankfully for DAX bullishness and respect of the retrace levels.
comon 67.7 I just wonder if it breaks
FTSE should break 98
Closed for 46 points. Oh well, better than 10
wall st rallies, ftse goes down
Ftse only market pulling back rotten luck. I looked at heat map and saw no big fallers. Possibly the brexit bill vote may move the Pound and this is caution. Icant see what else it could be. On that basis I think it may rise after the vote. A difficult day but never threatened higher low at 7360.
On the basis that stocks appear to be breaking ouf and a dall in the pound wont hurt, and a huge rise is unlikely, all in 7390.
Added to dow shorts
Wow Dow is +30 after close.
Had a bad day so bought Dow heavy at 22050, so far so good then, looking for ATH tomorrow and then short the life out of it.
+18…I was getting carried away!