8th May 2017
Good morning. After all the talk and market moves it was no great surprise to see Macron win the French vote for the next President of France. Futures prices are little changed from Friday – the Dax had an initial dip as IG started up last thing on Sunday, but both that and the FTSE 100 are back to Fridays out of hours high. Not quite the same as after round one!
“The euro went above $1.10 – the first time it has done so since the US election result – after opening at $1.09 and the single currency also surged against the pound, hitting 84.9p from an opening level of 84.7p. Markets had feared that Ms Le Pen would act on her plans to take France out of the euro, threatening the very heart of the EU project. But Mr Macron’s success looks set to cheer markets and is expected to drive on the country’s current economic resurgence.” [Ref Telegraph]
Onto the next market moving thing, the UK General Election now!
The top of the daily channels for the FTSE are around the 7360 level so if we get a bull Monday, bear Tuesday scenario today we might see some resistance around here. The 2 hour chart is bullish now after Fridays rise, with support at 7272.
FTSE 100 Outlook and Prediction
Most of the Macron win is mostly likely already priced in, especially with the Dax showing strength through most of last week, and a spurt up before the close on Friday. As such, those that were betting on the Macron win will be keen to bank some profits soon.
Want more detailed analysis? Then please join.
What you get
- Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P. Please click here for a PDF sample of the morning email.
- Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
- WhatsApp group membership for realtime trade updates
Oh dear…someone stealing your data again Nick? I did like the way you plagiarised the Daily Telegraph currency report in revenge!
Today’s an interesting one – Dax in particular looks like a bubble waiting to pop, but shorting is a dangerous game these days – Fridays after hours surge being a case in point.
Yes, it keeps cropping up in random places and being passed off as their own!
Just went long on S&P at 2397 and its bounced nicely off the pivot. Will have to see what happens later.
Sell the rallies surely? Any bounce will be profit taking.
Yep, thats what I am thinking.
Morning all. Running a short on free from 7311.tgt 7210
Spx short from 2398.tgt 2380 ish.
Meant ftse!
Just completed my short on Dax 12704-12680.
Well done Jack
Half price trading and a welcome bonus worth up to 50% of your first month’s spread with Corespreads this month – http://welcome.corespreads.com/afs/come.php?id=368&cid=482&ctgid=100&atype=1
Nick, did you sell into the rally and build a short position on S&P? Played out perfectly so far.
Goes for all markets today in fact.
Famous last words.
Evening chaps, I hope everyone has had a decent day. I was a little dissapointed with the action this morning but of course, obvious now that it was all priced in last week.
Nick, I’ll be re-joining your membership in the coming weeks. I finally closed my short positions. I didn’t want to hold a large position over an election with ridiculous margin, so I played it safe and closed it all.
I’m short again FTSE 7307 but feel shorting is becoming ever harder these days.
Probably a good move! Look forward to you rejoining 🙂