27th September 2018
We certainly got the buy the rumour, sell the news pattern on the S&P500 yesterday with a rise to 2931 (coincidentally the resistance level we had in for Tuesday) and then a drop down towards 2900 in the final part of the session. The Fed raised rates, largely as expected, though Trump was less than pleased about it in comments made after the bell. Fed Chair Powell provided an upbeat tone on the US economy at the time of the release, while the dot plots suggested no more hikes after 2020. The FTSE100 meanwhile, only hit a low of 7480 as the US fell, and is now back above 7500, with 7540 still resistance to watch.
FTSE 100 Trading Signals, Forecast and Prediction
For today the market will be digesting the Fed rate rise. We have initial support at the 7475 level still and I am thinking that if we get an early drop down to this then we may see a bit of a bounce here. If we do then the bulls will be looking for a rise above the 7500 area to ideally target the 7540 level. With R2 and a daily resistance level here then we may well see a stutter and a drop back from this level. The bulls failed to break the 2931 level on the S&P yesterday so that remains as resistance for now.
The Dax has gone bullish on the daily chart with 12280 support – daily fib, 25ema daily, bottom of 10 day Raff all here.
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