Quote from Nick on 25th July 2018, 10:30 am

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Today's Analysis

25th July 2018
Protectionism is slowly starting to weigh on the global economy. From demand at factories to company profits and prices consumers are paying, the tit-for-tat trade battle U.S. President Donald Trump started with China and the European Union is showing up in the numbers. And it’s still early days, with Trump saying Tuesday that “tariffs are the greatest.” The latest signs of the fallout came in activity reports from Japan, Europe and the U.S., as well as anxious words from companies facing additional uncertainty and having to decide between taking a hit to their profit margins or jacking up prices. Many manufacturers are facing higher raw-material costs, another squeeze on earnings.

Today brings markets to the cusp of the major economic events for the week — the ECB’s interest rate decision on Thursday and U.S. GDP on Friday — even as equities march more and more to the drumbeat of Chinese policy easing.

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FTSE 100 Trading Signals, Forecast and Prediction

I am not really sure why it rose to 7740 yesterday but it did, but the bulls failure to hold above 7720 still keeps things looking bearish for a run down towards 7600. There is some decent daily support showing at the 7592 level now, and a break below 7655 is likely to see that.

If the bulls were to push it up again, then 7715 is still resistance with both the daily coral and the 30min coral at this level. As such I am still thinking that shorts around this level are worth a go. A break of yesterdays high however at 7740 and I will change my view and I think we will rise to 7800. If it doesn't look like breaking down today then going long to target this area is worth a go.

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