21st February 2017
FTSE 100 Support 7290 7280 7266 7261 7238
FTSE 100 Resistance 7302 7303 7320 7334 7359 7369
Good morning. As expected it was pretty flat on the FTSE 100 yesterday with the US closed for Presidents Day, however it was slightly bearish dropping off from the 7320 level to a low of 7383 before hovering around 7290 for most of the day. Managed a few points from our long though so that was good. Gold stayed around the 1238 area but has dropped off overnight, have just closed the short at 1234.
Should have a bit more movement today with the US back from their day off. We also had the Lords starting the Brexit debate yesterday, while the bears will be buoyed by the fact that the FTSE 100 continues to lag its peers while they are making new highs – there is also a doji candle on the FTSE 100 daily chart now, which can possibly signal a reversal.
FTSE 100 Outlook and Prediction
For today we should see some more movement. I have initial resistance at 7334 with 7359 above that, and if the bulls manage to get the price to those areas then they are worth a short I am thinking. Support wise, we have the bottom of the 10 day Bianca at 7290 again, with 7280 just below that for S1, and the 30min 200ema (which held yesterday) between them at 7285. The doji candle pattern on the daily chart “can” signal a reversal so we might well be topping out here short term, especially as the FTSE hasn’t retested that recent high at 7355, nor followed the S&P higher as its made its new highs.
So, have a cautious long on for the 7280 level, but am thinking that shorting the rallies is a good mindset. The usual pattern recently has been bull Monday, bear Tuesday, though there wasn’t much bull yesterday. However we do have another large dividend this week, 26 points this time.
The ASX200 had a fairly weak Tuesday session also, with a general down trend.
If the bulls can get the FTSE to close above 7340, then it keeps the uptrend viable, however, the longer we stay below 7310 then the more likely we will get a bit of a pull back. The daily RSI has dropped off a little after yesterday to sit at 64 currently.
If the 7280 support breaks then it will be worth flipping to short as we may well get a dip to 7238 or lower.
Morning chaps,it’s been a long night…….plenty of bowel movements this morning …..never a dull moment in this game…..
Are you holding longs then anstel?
Yeah I’m long Nick……under big pressure at open but I believe in my position so I’m holding it down 41 pts at one point…
tmfp would be giving me a right bollocking now :0)
Loss halved now..
Sometimes I think that Nick writes the arrows for Dax, honestly. Missed all the fun, just got up.
I don’t think now a sharp arrow down on Dax though. What happened to FTSE, where’s the rise?
Yeah :0) lol where is the rise on Ftse………it’s on its way but it’s going round the houses as usual to shake the branches a bit to remove the weak hands….
It is a regret that 11893.7 didn’t break on Dax. So I had to close my long with little profit.
anstel, do you still hope it will reverse for long?
Hi Jack sorry I’ve been out….yes I think it’s goin up…..I’m in no rush..
Hehe, 903 out.
sorry it was 901 just checked. Whoa, the hardest 12 points in my life.
I’m done with this long. anstel, are you still long on FTSE? Do you think it will get higher? For me, indicators are changing, I am not attempting long on Dax at this point.
Ooh, I think Nick’s down arrow is in progress. And another attempt on Dax gave only 904.1 so it’s down now I suppose. 11893.7 was a serious resistance on Dax from 26 Jan 17. It looks like it’s struggling to surpass. But who knows, it’s not the evening yet.
Broke it, but such nervously. Well, I am not surprised, it was coming to that.
To infinity and beyond…!!!!
Come on Ftse, do try and keep up with the others !!!!
Pound keeping it down I’d think.
Nick,
Where can we find out what the dividend is for the FTSE 100 as a whole each day? All I can find on Google are the company dates.
Dividend for 23rd feb 2017 = 11.27 pts
It’s paid on Wednesdays and the points get deducted from the Ftse price…
Sorry Reuters give the info…
Think that one is incorrect and its 25
IG post them – https://community.ig.com/t5/Fundamental-analysis/Dividend-Adjustments-20th-24th-February/m-p/11748/thread-id/955?CHID=9&REF=TS&SM=TW
Come on Ftse break 300…..
I’m going to short cable at 74 again I think if we see it….
Hey Guys .. hope been a good day for all!! Came back from town! shorted dax 87.. I dun know why but rsi is overcooked! Lets see
Thanks guys.
So I’ve been long Dow since 20600, and dax 11820, I’ve trailed stops up regularly since the US open and now I’m all stopped out. (11950 and 20750).
Where best to reload?
Well I’m very patient but I’m getting a bit frustrated by the Ftse…..and it’s reluctance to break 300….it will eventually break through I think but how many bars of chocalate am I going to get through?
That is how a trip to McDonalds can cost you at least easy 30-60 points I could have got. But it’s a half term, what am I supposed to do. Another day, another time. FTSE doesn’t look that willing indeed.
No sadly the Ftse is not looking to enthusiastic just yet….
Short cable at 74..
What’s the probability of the Dow closing the gap in today’s session?
I cn asnwer that for million dollar 🙂
It would be a nice gap. But MACD crossover is bagging me on 10 min.
81 dow long trying
Free trade now with SL 74.5
just to gain extra ££ today
out with 16. not worth mentioning. small stake.
Have decided to ease my way back in around the 20700 region with stops below. This thing has to look a bit stretched. The rate of ascent is fairly steep.