6th July 2017
That was a great Dax trade yesterday managing to catch the low and get a good ride up to nearly the 12500 level. The SP managed some points but struggled for the bulls, but having declined did mange a bounce from the 2421 level. The big news yesterday was the Fed minutes in the evening, which showed a split opinion on the future plans.
Minutes from the Fed’s most recent meeting showed a lack of consensus about when to shrink the central bank’s balance sheet and how to approach policy strategy in a time of low inflation. The officials continued to view gradual interest-rate increases as appropriate, while starting the process of unwinding their $4.5 trillion balance sheet this year.
The FTSE 100 failed to break 7385 yet again, dropping off a couple of times. There is still resistance at 7405 above this though. The 2 hour chart is still bullish, with support at 7350 for today.
Geopolitical risk remains on investors’ minds as Kim Jong Un’s test of an intercontinental ballistic missile capable of striking the U.S. mainland sparked an emergency meeting at the United Nations Security Council. Despite brief flurries of risk aversion, money managers aren’t showing signs of undue worry in reaction to North Korea’s provocations.
FTSE 100 Outlook and Prediction
For today I think that we might well try and push above that 7385 resistance level that has been resistance for the whole of this week. The FTSE 100 held up surprisingly well yesterday and probably would have pushed higher were it not for a drop in oil and a rise in cable. Both of these tend to move the FTSE pretty well.
For today therefore I am watching the XXXX level, but also the 10 day Raff at 7410, R2 at 7415 and the fib pivot level at XXXX. With this cluster of resistance levels around here this area is worth a short. If the bulls were to break above XXXX then XXXX is the next area of resistance.
On the support side of things we have a bullish 2 hour chart still, with support from a moving average at 7350 and the coral at XXXX. This area is worth watching and longing from, but a break of this will likely lead to 7300 or lower.
The ASX200 had a dip and rise day and has some daily support now at 5747 – so might see a bit more bullishness from this over the next few sessions. Something to bear in mind for the FTSE as well (ftse and ASX are quite closely correlated being commodity heavy), as we may get a push up towards the 7600 area again. Before a larger move down possibly!
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Morning, holding ftse and dow shorts
Good bit of war rhetoric to help them on their way today too!
Nice fall to knock longs out and now it will rise again
Looks like the break down is coming now. Consolidation for the last 4 days over the Independence Day weekend but next leg to 7200 could be underway
Yeah I expect more downside. But a snap back is overdue. 250ish is where I want to go long
This could get very messy, very quickly!
Trump affect will add momentum!
See what 14:30 brings
Trump Weighs ‘Pretty Severe Things’ for North Korea Over Launch.
Had a long at 7350, stop hit 7338. Flipped to short 7338.
same here – switched on the break of 30
I think it will lift a little then plumit later. Will sit this out until tonight and try to catch the falling dagger at 20:30pm
Finally some movement. Cash shorts from 65 at 10. Looking for a resell. I can see a move to 250 today with potentially a further move down in the coming few trading days.
Took a small profit at 320. Running the rest. Avg 350
how is FTSE where it is!
Oh yeah, somebody said about the rise… I had longs on Dax today, closed at b/e of the day eventually. Pity cos I was 100 of money up, had to give it all away in the end, didn’t rise. Closed the whole lot at 12360 and gone to town. No much trading this week, sitting on b/e, a funeral tomorrow and all that, not the right mood for trading. I may get some spread rebate for today, it was a hell of the wager I did. May get 20% of those gone profits back. Grateful it wasn’t a 200 point drop.
anstel, are you still working around your initial long or dumped by now?
I think I missed “the dip” bit. LOL
Looking at daily now, if 12309 won’t hold we are in a free fall to 12100-12000, but I think they may defend it a little bit if we’re that lucky.
Still here Jack :0) just quietly plugging away….closed out some nice short hedges today :0)
Oh, glad to hear you are fine. But I still think you need to reduce some stake.
I did get 20% of my profits back so ended up high on the day. I wish they just did that promotion all the time. I would just wager for them. 🙂
Something just doesn’t feel right in the price movements
Is anyone speaking today or any news due?
Don’t think so.
Very difficult day to read. Profit drained away by some of the bounces today…just when you think that there is a trend to ride, i stopped myself out on reversals. Just about positive outcome but a lot of stress per point!
Had a great day until the end 250+ points….I could do no wrong. I bought and shorted dax and Dow and caught all the waves until the end.
Went long heavy on Dow expecting a PPT rise at the and it didn’t happen!!!!
I’m still in,added a few cover hedges. Will either be rich or poor tomorrow!
Added longs to ftse at 7327
Yes have done….if I clear the Asian market I reckon I’m all good!
Shorts still open
A lacklustre Dollar dragged shares down today. Expect tomorrow to be the opposite. Ftse 7380 to 7405 tomorrow before climbing next week.