7th September 2017
The main news was that the US debt ceiling has been extended for another 3 months. Is it really a ceiling though if it moves? There was also the surprise resignation of Federal Reserve Vice Chairman Stanley Fischer which saw the US markets decline initially, though they soon recovered.
FTSE 100 Outlook and Prediction
For today I think we might see an initial rise awards the cluster of resistance levels round the 7380 to 7400 area then a dip back down. Markets are still a bit jittery and of course we have the ECB meeting today which will give further guidance on QE (and possible tapering), as well as rates. Any mention of the euro and its relative impact on financial and economic conditions, as a result, may be the biggest market mover on Thursday.
As such I am thinking we might see a buy the rumour, sell the news sort of day, though of course it is dependent on what that news actually is. A day to stay nimble! This is all around 12:45 am. We also have some US jobs data out at 13:30.
As you can see from the resistance and support section of this email, there are several key resistance levels around the 7400 area so I am thinking that looking to short on the 7380 to 7405 area is a good play. As per yesterday we can fade in shorts here rather than entering at one specific number if thats easier. Initial resistance is 7380 where we have the 200ema on the 30min, and also R1. The at 7400 we have a key fib and R2. If the bulls were able to push above this then I am looking for a rise towards 7460 so it might be worth flipping to a long if the shorts get stopped out.
Support is again at the 7320 area which we tested yesterday, though initially there is decent support from the 30min coral at 7345, and we also have the daily pivot here.
Membership
Want more detailed analysis for FTSE 100, DAX, Gold and S&P? Then please join our active members community.
What you get
- Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
- Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
- WhatsApp and webinars group membership for discussion and realtime trade updates