30th October 2017
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The short on Friday from 7520 worked well, though the bears only got it as low as 7485 before the bulls bought it back up. However, since regaining some ground to 7500, the bears have maintained the strength and we are back below 7500. The S&P made new record highs again last week, and we await the announcement of the new Fed chair this week. In other news, the main story has been Catalonia and Spain. Will be interesting to see how that all pans out this week.
FTSE Outlook and Prediction
For today we have initial support on the 2 hour chart at the 7478 area, and coincidentally the target area for Fridays short. We bounced on Friday at the 7485 area so may well see an initial hold of this area. If not then the bears will be aiming for the 7453 level where we have a fib level and mid way between the two Bianca daily channel supports.
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