18th September 2018
Nice climb on the FTSE 100 yesterday from the 7275 support to gain on the long, and the US S&P500 dropped off the 2904 level, fuelled by Trump’s after market speech! It was the first bearish S&P session after five straight bullish days. All sets up well for yet another bear Tuesday though!
The US confirmed tariffs on USD 200bln of Chinese imports effective September 24th which will begin at 10% and increase to 25% at year end. Trump vowed further tariffs if China retaliates to these measures. China Vice Premier Liu He was said to convene a tariff response meeting, while there were separate reports suggested that China will likely not send a delegation to Washington for trade discussions.
Asian stocks were mixed, while U.S. stock futures pared declines after the Trump administration’s latest barrage of tariffs against China. The dollar and the Chinese yuan were stabilized.
FTSE 100 Trading Signals, Forecast and Prediction
There are a cluster of resistance levels around the 7290 level so if we get an initial move up to here for a bit of a gap close and climb off the pivot at 7262 then this looks like a decent area to short for a run down towards 7234 which is the overnight low, and then 7215 below that. As you know the 7215/7220 area has held well as support while we have been in this 100 point range so a break of that to the downside will be significant and should see 7156 fairly quickly.
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