25th August 2017
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Well here we are the final day of the week and the Jackson Hole speeches are looming. Its also a bank holiday on Monday next week in the UK so with the long weekend we might see a reluctance to hold positions over the weekend. The bulls managed to break above the 7407 level yesterday, however, as expected we got a bit of a stutter around the 7425 to 7440 area where we had the fib level and R2, and 7435 for the daily coral. The 2 hour chart is still bullish for the moment with weaker support at 7400 and 7373 below that.
It’s a day to be slightly cautious with today as we have a Friday and a big news event, so keep your guard up.
FTSE 100 Outlook and Prediction
Likely to swing about a bit today as we head towards the speeches and get a flavour of the future central bank thinking on QE, rates, outlook etc. As such, I am watching the main support at 7385 and the main resistance at 7445 to get reactions there. If the bulls were able to break above the 7445 area then 7463 is the next area of note where we have a key fib level, though it looks likely we would test the top of the Raff channels at the 7490/7500 area. Swing short area here with stops around 7560.
If the bears break below the 7375 support then its going to look quite bearish for next week. We dropped off the daily coral line yesterday at the 7435 level and the bears managed to bring it down to 7400, but the bulls defended that round number so there is still some decent bull strength for the moment.
No point trying to guess what the Jackson Hole speeches will contain so if in doubt, stay out and bear in mind it could go either way. Interesting article on Bloomberg though this morning (what timing eh, so cynical) that the big Wall Street banks think that “global markets are in the last stage of their rallies before a downturn in the business cycle”. Good buy signal probably as they try and spook retail into selling…..
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Bloomberg is probably righy this time. People are used to take a contrarian view on news, the average investor has become smarter you know 🙂
Probably! Guess it depends when they actually mean – they don’t commit to a when!
True! When is crucial!
Afternoon all…..good luck with your choices today if you are trading…..interesting day…..
Ftse long closed at 7420. Not worth the weekend risk. 1% gain on week so thats OK. Might even need a trip back down to 7300 next week. HANW 🙂
Cheers Candlemaster, and you!
Added long hedges on ftse
I’m thinking a bit of a push back up going into Draghi’s speech as well…