5th April 2017
Good morning. After Mondays sell off Tuesday was pretty flat as things consolidated and we await some more news and NFP on Friday.
We have an 11.7 dividend today so bear that in mind if you are short at the close, and 11 points is likely to see a bit of a divi rise this afternoon as the buyers come in for it.
Despite the FTSE hovering around 7300 for most of the day, when the US came online we started to see the bulls appear, which brought the FTSE 100 up to the 7335 resistance level.
Overnight it has managed to push up to 7350 but has now dropped back. The SP rise stalled at our resistance level at 2359 and dropped a bit, taking profit off at 2355 being the right thing to do as the bulls fought back. The ASX200 had a dip and rise session today, so the FTSE100 may well follow suit, and we have some fairly key resistance at 7375 today.
FTSE 100 Outlook and Prediction
We might well follow a similar pattern to the ASX200 with a dip and rise day, especially as we have the 11.7 point dividend later.
If the bulls manage to break 7378 then we should see 7400, and possibly 7420 where we have the top of the 10 day Raff channel – so I expect a few stutters here if we were to get that high.
On the news front we have, at 6pm, the Fed minutes which the market will be looking at for further rate rise clues. We also have, at 2pm, ISM Services data out in the US. If that is weak as per manufacturing data the day then that will likely bring the bears back out.
Speaking of bears, they will need to break 7318 then S1 at 7308. After that, Mondays low at 7260 will need to be broken to go any lower.
12250 managed to put safe on it, long at the moment.
What the heck? A?
Dax looking weak..it’s still in uptrend…needs to get above 12290 for strength…
Yeah, out b/e. It’s always like this. They never give me to win when I am in trade.
I think it’s because FTSE started crashing for some reason it didn’t drag Dax up.
Good drop that. Should bring Dow and ftse in step. The rise in ftse was unexpected yday evening even though Dow just fell back to 670-685
Interesting day ahead. Has basically turned neutral atm
Nice gold short from 1257 today…
Stop to 1253 now
Out 1245
Yes gold trending down at the moment…could be a short for a few days….
I’m short ftse 7340 and long dax 12240 playing the difference…Dow in uptrend….
Let’s see where my Dax 12240 long will get me to.
12294 target
0.00
Nice breakout on spx and Dow. Will it go past 775
I believe that’s the bullish move up will fizzle out shortly
Slowly but surely?
and now break 67 by request of working people
35 points done. don’t be greedy. after 2 weeks of non profit I’d better take it. Reward is still more 2:1. Looks like the leg finished. 12294 would be nice of course but happy now.
Stopped out 🙁
Had a slight hunch this may happen, something to be wary of next time
Divi buyers too
Yes I miss that quite often. Need to get better at remembering stuff like that
Hey all.
Bit of a weird drop on dax at the close. Was having a pleasant day until then!
Any ideas why the sell off ? (Eur and gold was falling at the time and should have been supportive if correlations working).
Don’t know why sell off happened: they always do nasty things but that I got out in time that was lucky. What I had was a pure pull back which bounced off 200EMA on my 10 min. I always come out in such situations.
Judging by the fast recovery of the dax, the move was out of kilter with the broader market at the close and has retraced in a very mechanical way.
No idea what it does next… fomc meeting minutes out in 2mins.
Hate days like today. Hit my stop and dropped like a brick1
Yep. Nasty it is.
The breakout on Dow and spx is worrying for the bears. There is still a case for ftse going down to test 260 area but not something I would trade given the development today. Time to gp back to the drawing board and wait…….
Trade safe