1st November 2017
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Another relatively flat day yesterday as the markets tread water awaiting the Fed interest rate decision today, and the BoE tomorrow. The Fed is expected to keep rates on hold today while signaling an all-clear for a December hike. An announcement on who will head up the U.S. central bank is due by the end of the week. The BoE however are largely expected to go for a 0.25% rise on Thursday, and then probably let the dust settle for a few months.
The FTSE 100 failed to break above the 7520 level again yesterday so it will be all eyes on that early this morning, especially as we will more than likely get a new month money kick up to start the day. Everything still looks bullish so I expect that if they can break above this early then a rise towards 7560 is looking likely.
There is also a 1.5 dividend today which will be applied later on the FTSE 100.
FTSE Outlook and Prediction
For today I am expecting a rise as we are at the start of a new month so likely to get an influx of new money. We are sat at the 7520 resistance as I write this so a small dip down pre market open to test the 7498 daily pivot is probably likely before the rise starts about 8:30/9am.
There is however, a lot of resistance levels in the 7549 to 7562 region so the bulls might see a pause here – will be a good spot to take some profits from longs. If they can break above the 7562 area then 7600 beckons, but might be a big ask for today ahead of the BoE tomorrow. With a rate increase largely expected we might see a bit of caution creep in this afternoon.
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