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Today’s Analysis
19th July 2018
Bank earnings pushed U.S. equities higher Wednesday, but the real news may be the lack of price swings across developed-market assets recently. Front-month futures tied to the CBOE Volatility Index closed Tuesday at the lowest since before the record explosion in U.S. equity price swings back in February. Treasury-market implied volatility is moving back toward record lows, a testament to stable expectations about the near-term outlook for the Federal Reserve.
The FTSE 100 held the 7650 low but only managed a high of 7687, while the S&P ranged 10 points. The expected range for the FTSE for today is small – 7650 to 7715 – so I am expecting a breakout soon from this, with the possibility of 7800+ if upwards, 7400 if downwards.
FTSE 100 Trading Signals, Forecast and Prediction
For today I am looking at the support area from 7652 to 7662, and expect any initial dip down to this area to hold. If it does then we should see a rise toward the 7700 resistance, and I am also watching for 7716 above that. Should we pop higher than that then the daily coral at 7727 is in play and not far off R3 at 7731 either. Bloomberg’s Asia Report here
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7660 support has held well so far, up to the bulls now to break 7700