8th March 2018
That was a nice rise yesterday morning across the board, with the FTSE 100 hitting the 7163 resistance level, as well as the S&P hitting the 2721 and also dropping back. The FTSE 100 meanwhile found support at the 7120 level again and has climbed back, though the bulls still need to break the 7285 level to enable further bullishness. Trade war worries and Gary Cohn’s resignation were old news as focus now moves onto the NFP figures out tomorrow. That said, White House officials left open the possibility that President Trump’s tariff proposals will spare neighbours from the most severe penalties. The gold trade yesterday didn’t work unfortunately, as it dropped through the 1326 support hit the stop at 1322 then climbed. Gold seems to be in its own little world these days and a bit random!
Today we have the ECB rate decision at 12:45 so be mindful of that, especially with the Dax around that time.
FTSE 100 Forecast and Prediction
I have a bit of a feeling that it may be a little slow (with a bullish overtone!) today ahead of NFP tomorrow. There are a cluster of resistance levels at the 7190 to 7195 level so we may see a drift up to here then a slow drift down towards the pivot. There is 2 hour chart support now at 7117 as the coral trend line has gone green, and this area supported the drop yesterday from the 7163 level.
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