2nd October 2018
The FTSE 100 climbed to 7525 yesterday then dropped back from there and it is back below 7500 and looking for 7450 as the next key area by the look of it. The Dax has dropped off that 12360 resistance area, while the S&P failed to hold onto its gains at 2935. Setting up for a bear Tuesday by the look of it, with 7528 2 hour resistance for today.
President Trump looks to be preparing for a potentially protracted economic war with China by clearing the decks of disputes with America’s other trading competitors. In just the last few weeks, he’s struck a last-minute deal with Canada and Mexico, signed a trade agreement with South Korea and convinced Japan to begin bilateral economic negotiations. The North American accord also includes provisions seemingly aimed at keeping Chinese products out of the region.
FTSE 100 Trading Signals, Forecast and Prediction
For today I am thinking that we are going to be a bit more bearish with a drop down towards the first support at 7458. If we break below this area then we look like we might overshoot the 25ema on the daily at 7450 to test the 7425 area and it is this area that is looking like the decent swing long entry now, rather than the 7450 that was showing yesterday. The ASX200 (Australia) was weak during Tuesday and that may well drag us down (oil driven) initially this morning. Basically watch the S1 and first fib level at 7459 for early support but be prepared for that to break and we get 7425.
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