26th September 2018
Today we have the Fed rate announcement and the reason behind the slow drift upwards on indices so far this week. The Dax climbed off the 12320 level perfectly yesterday, and the FTSE held onto its gain as well, though did react modestly at the resistance levels. The SP dropped from 2929 to a session low at 2913, failing to reach the 2931 resistance level.
The Fed is seen sticking with quarterly rate hikes until at least June 2019.
President Trump reasserted his “America First” perspective in his address to the United Nations on Tuesday, chastising regimes in Iran and Venezuela and offering a blunt rejection of the multilateral underpinnings of the very body he addressed. Nearing the two-year point in his administration, Trump’s UN speech illustrated how the U.S. president continues to grapple with his place on the world stage, and that world leaders remain largely befuddled by him.
FTSE 100 Trading Signals, Forecast and Prediction
Today’s focus is the Fed’s policy meeting, which will likely see the year’s third interest-rate increase and feature fresh projections for the next few years. The news is not out till 7pm, so I am thinking that we will see a buy the rumour, sell the news type affair with a slow drift up for most of today.
The bulls will be keen to break above yesterday’s high at 7518, but we have the fib level at 7537 and the cam break out at 7540 so may well see a bit of a stutter here. If we do then I am looking for a drop down to the 7485/7500 support area before another push higher.
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