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Today’s Analysis
31st July 2018
The biggest technology shares led a retreat in stocks as investors showed signs of exhaustion with the sector amid a slew of corporate earnings. Government bonds declined and oil rallied. The Nasdaq Composite Index sank more than 1 percent and neared its average price of the past 50 days, which technical analysts consider a key level of support. The FANG cohort tumbled as much as 3 percent, led by Netflix Inc. The bloodletting in tech shares was nearing the $300 billion mark since Facebook’s earnings hit July 25, prompting the biggest market-cap decline in U.S. history. The dollar sank, as the euro, pound and kiwi advanced. U.S. oil futures climbed above $70 for the first time in more than a week as a weaker greenback boosted commodities.
FTSE 100 Trading Signals, Forecast and Prediction
It’s possible that the bulls build on yesterday’s strength, albeit weak strength, and we get the rise to the 7740 resistance level that showed up yesterday and is also appearing on the charts today. We have a key fib level here now. Above this then we are looking at the 7760/7770 area and a short here (not on the trade plan) may well be worth a go. Not totally convinced it will get that high today though.
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