16th November 2017
Want to discuss things with other traders – please visit the forum here for todays discussion
Markets declined yesterday on further profit taking but also setting up a nice dip to buy into. The S&P long at 2558 was nigh on perfect, though the FTSE and Dax slipped a bit lower below their major supports. The Dax has climbed steadily overnight though and is back above 13000, while the FTSE 100 might well have printed its low at 7355 in the short-term. I do think this dip is just profit taking and a pull back in the overall bullish trend, though there is a chance that the FTSE will go lower towards 7310 now that 7375 is broken. As with yesterday though, buying the dip is a sound play for the moment. The Asian markets have pulled the futures prices up and we could be on for a bullish day, halting 5 days of declines.
FTSE Outlook and Prediction
I am looking at a fairly bullish day today across the board with yesterday setting the lows for the various indices we look at. As I mentioned yesterday in the group room, I am sure that this dip from 7590 is just profit taking ahead of the year end and we will likely see another leg up as the “buy the dip” crowd come in ready for further upside in December, and probably in 2018. The fundamental outlook hasn’t changed since last week really so a rise towards 7400 first thing and 7500 tomorrow/early next week is looking likely.
Membership
Want more detailed analysis for FTSE 100, DAX, Gold and S&P? Then please join our active members community.
What you get
- Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
- Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
- WhatsApp and webinars group membership for discussion and realtime trade updates