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13th April 2018
Friday the 13th!! Rise and dip today
Looks like this has a loy more room to run so out until 7500
Quote from icarus on 13th April 2018, 9:10 amLooks like this has a loy more room to run so out until 7500
Yes, FTSE has held up well though a bit flat again at 7250 this morning. S&P bulls did well yesterday. Can see more bull next week so 7500 could well be on the cards!
Not sure about 7500 guys.. the S&P usually sets the tone for global markets and I can’t see how that just takes off directly from here. It’s just basically been a choppy 3 week rally.. any other significant bottom since 2009 and we’ve taken off when hitting a low. Uptrends start on short covering, gain momentum, then after significant upside the momentum slows and we finally form a top. That’s not what we’ve had here, it’s all over the place..
Then if you look at FTSE, we’ve just rallied back into previous resistance. It has a weak profile with the 200 dma sloping down and still trading below last years trading range for the most part.
Short term we’ve stalled out here, it’s been dull the last few days. Expecting 7230s to break before 7270s then see how the land lies after that. If we manage to bounce from the 7100s and get back above 7300 that would be more positive but there’s also a chance we go back down.
Things are a bit odd at the moment with all the geopolitics and a tax cut coming really late in the business cycle. Bulls are pinning everything on earnings turning things around but expectations are already quite high. If anything I think we might go sideways until May then set up another correction
Just had a great short on S&P at 2677 come in!