1st October 2019
The FTSE 100 closed the day slightly down as several heavyweights slid yesterday but the bulls managed to defend the 7400 level. A fairly tight range saw a high of just over 7440, just shy of the 7448 resistance level. The S&P had a decent day, rising steadily from our 2965 long entry and still looks like we might head towards 3000 again.
Asian stocks rose after gains in the U.S. overnight, and futures on the S&P 500 Index pushed higher. Japanese bond futures and U.S. Treasuries fell after a weak auction in Tokyo.
FTSE 100 Trading Signals, Forecast and Prediction
Start of October already and we may see a bit of new month money flow in, and the bulls will be supported by 7400 holding to give a bit more confidence initially. That said, there is decent looking support below this at the 7380 level with the 2 hour coral green and rising strongly. As such, if we were to see this level then I am thinking that a long here is worth a go. We also have the fib level at 7374 for today. The bulls though will of course be keen to defend the 7400 level. Below the 7380 level then a test then a retest of the 7333 level would probably happen, but the FTSE 100 is certainly choppy at the moment. Its almost like it doesn’t know if it should be rising, falling, staying level or what!
Resistance for the moment remains at the 7440 level, and the bulls failed to push above this again yesterday, However, the 7485 level remains as resistance above this so should they manage to get their skates on then this area looks likely to be tested.
Gold had a shocker yesterday with a sharp drop once the 1485 level broke, a bit surprising really as indices were treading water at the time. It could therefore be front running some optimism for the indices for the start of Q4 and maybe, just maybe, we will see that 3050 S&P level after all.
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