9th March 2018
We got the slow rise to the 7200 level yesterday, hitting it towards the end of the session. There wasn’t too much of a bearish reaction though, mainly as the US markets remained positive after Trump signed the watered down trade tariffs, which are now set to exclude key allies. There was also positive news on North Korea, with Kim Jong Un and Trump agreeing to hold a summit/meeting in a sign of diffusing tensions. Asian stock markets went risk-on today after the news.
Today we have the NFP (Non Farm Payroll) news at 13:30 so bear that in mind, forecast is 205k versus 200k previously. US unemployment rate is also released, forecasted to be 4% versus 4.1% previously. Unemployment is the single most popularly used figure to give a snapshot of US labour market conditions.
FTSE 100 Forecast and Prediction
For today I am thinking along similar lines to yesterday with a rise up towards the resistance at 7265 as we approach NFP. There is a slight stumbling block in this plan and that is the 10 day Raff channel at 7215 which should have been better resistance yesterday, and is still resistance today, but didn’t get much of a bearish reaction yesterday. If we do get an initial drop off this area (we are at 7215 as I write this), then a drop down towards the support at 7165 looks possible.
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