Quote from Nick on 8th November 2018, 11:17 am

8th November 2018

Well thats the mid terms out the way and onto the FOMC today. Markets reacted favourably to the election results and we saw the bulls manage to pull away from the 7100 level to a high last night at 7155. With the 7135 daily resistance level looking like it might finally be broken we should see some further upside towards 7195 and that 7204 still. Above that I am seeing 7234!

The FTSE 100 was carried higher in a global stocks surge as investors cheered the “blue ripple” in the US midterms and speculation swirled that oil cartel Opec could turn off the production taps again.

Global stocks leapt higher after the uncertainty hanging over markets lifted and the dollar’s retreat boosted metals priced in the currency.
Investors piled back into equities on hopes that a split Congress will constrain the impulsive US president while keeping in place the market-friendly policies that have underpinned the latest leg of an ageing bull run.

The dollar slid on the fading prospect of Donald Trump pushing through more stimulus for the American economy, a move that could Federal Reserve being forced to push up.

Meanwhile, oil prices fluctuated ahead of Opec’s meeting over the weekend after reports speculated that Opec and Russia are mulling a 2019 cut to output following the recent slide in prices. Surging US shale production and waivers being granted on US sanctions impacting Iranian supply.

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FTSE 100 Trading Signals, Forecast and Prediction

Now we seem to holding above the 25ema and yesterday was the first daily candle close above that 25ema level on the daily, we may well see a bit of a continuation higher today. The two hour chart is bullish after that rise and the 100 hull MA held its first test at 7090 yesterday afternoon. As such the bulls will be keen to pull away from the 7100 level for another towards the 7200 area which is the next resistance level of note.

7010 is still support for swing longs if it goes very bearish though I am thinking that we have a slow climb today.

[caption id="attachment_12660" align="aligncenter" width="821"] Mid terms done | FOMC next | 7115 support | 768 7204 resistance | Trading analysis signals[/caption]

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