10th July 2017
News out of the G20 was that Trump and May were looking ahead to a “very good” trade deal between the US and UK, which should help with a usual bull Monday today. Futures are up already, and even North Korea getting shirty about a live fire drill with USA and South Korea on Saturday hasn’t derailed a strong Asia session. If anything it keeps North Korea in its box.
UK press attention has been placed on reports suggesting that PM May will seek opposition support in pushing through Brexit legislation
Chinese producer prices data today showed robust demand. US jobs data on Friday showed U.S. employers added the most jobs in four months in June, though wage increases were sluggish.
FTSE 100 Outlook and Prediction
We have pretty strong resistance at the 7386 to 7405 level so we might see any initial rise tempered there and a drop down to the 2 hour support level at 7350. There are actually a few supports on the 30min at XXXX as well so if the bulls are going to build on this current upwards momentum this is a good spot to reload some longs. However, the bounce does look fragile again and it will be interesting to see if the bulls can push above the 7405 level if tested. 7385 was resistance all last week and we repeatedly dropped off this 7385 level so the bulls will want to be quick out the blocks to push above it.
The 2 hour chart is bullish again with support at 7350 from the moving average. The Bianca channels are bearish, with resistance at the 7385 level.
If the bulls were to push above the 7405 level then 7470 looks possible, though probably later this week – we have Raff channel resistance at 7411 and 7430 to contend with first.
I am sort of expecting that usual pattern yet again of bull Monday, bear Tuesday, though it might be a bit lack lustre today. Fully expecting a drop to 7350 and see what it does there.
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Interesting open this morning. FTSE remains bearish under 7380. I’m ready to cover my shorts on a hold above there up towards 7450. But my expectation is that we go lower. Last week we managed to trade in the 7350-7380 range for the best part of 3 days. If we broke under 7350 today that would show weakening momentum as we’re spending less time in the top of the trading range
Looks like its continuing that tight range this morning. Did think it might have managed 7399 when it popped up to 7392 though
Yeah I had my finger over the buy button as it looked like a breakout but then immediately sagged back into the range. Looks like 7350 is breaking down now so the larger move lower could be underway. It’s been a complicated correction as we’ve range traded 3 times (7480-7550, 7380-7450 and 7300-7380). Usually we only see one trading range before a break lower accelerates. Still think if 7300 goes we should see 7100s and 2350 on spx in fairly short order. Get oversold on the daily at that point then a more sustainable rally will develop
Morning all. Running Dow and ftse shorts. Added ftse longs this morning ,same size as shorts
Added to longs
Can they hold 7350 area!? Be interesting to see if the US bulls are in town today….
Went long 7350, half off 7380
Had a long Dax order 12398. Missed by 6 points 🙁
Todays plan played out well – https://www.dropbox.com/s/luzj6jq2gfkkncx/FTSE%20100%20Prediction.png?dl=0
Closed my short hedges from Friday for a nice profit and position regaining its loss quite nicely….looking for next short oportunity but it looks like it’s goin North of 400 soon…done well trading around this so far …..
Nice work.. if we go north of 7400 the immediate risk to the downside looks to have been reduced and above 7450 we would look bullish. Don’t think we break 7380s though, it’s just consolidating before the break of 7300
It’s certainly struggling somewhat to get past the middle to high 80s but then again was it about 10 or 11 tests before 80 broke on the way down I might be wrong Mcg but I think it’s going to push up past 400 soon..have to wait and see…good luck..
Added to Dow shorts at 440
Closed today’s Dow short for +20. Running the rest
Had a good day…
Did well on a platinum long – worth a look if it goes to 892 0r so again.
Been up and down on dax and Dow but all closed out now.
Have a few FTSE shorts left which can run.
Not posting much as I’m scalping more than anything so no point.