23rd August 2017
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We got the rise to the first resistance at 7385 but the bulls were not able to reach the 7404 till out of hours over night. We have dropped back a little bit from there, but most traders are awaiting Jackson Hole outcomes still. We have a small dividend of 2.3 today so bear that in mind for later. Not an amount that is likely to bring the divi hunters out though.
FTSE 100 Outlook and Prediction
For today I am thinking a dip and rise day, down to test the fairly key looking support at the 7335 level. We have dropped off a little bit from the 7385 and 7404 areas (admittedly the latter was tested overnight on the futures prices so may be seen again today). If the bulls struggle at the 30min resistance level at 7380 first thing then they are less likely to be able to reach 7405. Above this level then we are looking like a trip back to 7500 this week, but it is extremely low volume at the moment – second half of the week may be different though!
Support wise, the 7335 level looks good on the 2 hour chart, with both the coral now green and the Hull moving average showing support here. As such, if we do get a dip down to that level this morning then its worth a long here.
News out yesterday that the UK had a budget surplus in July for the first time in 15 years was greeted as good news, while property prices dipping a bit didn’t shake investors too much. Year on Year growth was still above 3% anyway.
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Closef ftse longs. Holding shorts on dow and ftse
Long. I dont really listen to the ^news^ anymore but I believe at Jackson Hole they will be discussing the means to unwind QE. So its a no-brainer. No conclusions will be reached. After all these people get paid anyway so why would they reach a conclusion?
The markets will like that and rally accordingly. 7500 here we come.
Tally-ho and Zickety-zonk, added to longs.
I’m short again now as long as 7400 holds as resistance.. expecting some sideways trade for a couple of days but ultimately looking for a move lower
I think 60’s will hold today
Interesting numbers on crude oil. 5m barrels is the difference!
Just surprised with the lack of reaction
Hope everyone had a good day. Had a good S&P long today from 2442