22nd March 2018 – FTSE 100 Trading signals
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The FTSE was weak all day yesterday, and the break of 7040 saw the 7000 level late in the day as markets dropped after the Fed rate hike (was expected though) and also that the Fed were more dovish than expected. Unfortunately the very early 7065 support didn’t hold though the Dax and S&P longs worked out for a gain. So a bit of a mixed bag, and the FTSE line in the sand is now 7000. A break of that sees 6915 and possibly 6800. Today we have the BoE and rate announcement, which is expected to keep interest rates and its asset-purchase program unchanged. Attention will be on language and the odds for a May hike, now seen as increasingly likely. More retail sector woe as well yesterday with some “big” retail names falling by the wayside, or being hit by consumer spending slowing down. Carpet right, Moss Bros and Kingfisher all suffering yesterday after poor sales.
FTSE 100 Trading Signals, Forecast and Prediction
Looking at the charts there is more likelihood of further downside with resistance initially at 7030, and then 7072 above that. As such, shorting the rallies still feels like the best plan for the moment. The S&P also looks like a short at around the 2730 level and if that does start to drop then the FTSE will more than likely follow. The US bears will need to break 2708 today to take it lower.
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