24th January 2017
FTSE 100 Support 7165 7162 7156 7153 7142 7136 7106 7045
FTSE 100 Resistance 7190 7194 7203 7215 7249
Good morning. More weakness in the markets yesterday as Trump enacts some more executive orders to see through policy changes that he campaigned on. However, the FTSE 100 found support at the 7130 level, rebounded twice from around here to test 7175 during the session. It actually looks a bit more positive to start today with support at the 7153 area, for a rise to 7190 and possibly higher. 7165 is the bottom of the 20 day Bianca channel also, so if we do start to move up then we could actually get a decent move out of it. The slight spanner in the works for increased volatility today is that the Supreme Court are voting on Article 50 today. A result that is likely to see them say parliament need to vote on it. That might lead to the pound falling against the dollar again, which would help the FTSE rise.
FTSE 100 Outlook and Prediction
For today I think we might well get a bit of a rise. I thought that the 7150 level yesterday might have put up a bit more of a resistance but alas not, and the bears managed to take it down to 7128. Since that though we have climbed back up and have a bullish looking 2 hour chart with support at 7154. I think a long around here is worth a go. I can see cable (GBP/USD) dropping back a bit from this 12500 level, which would help a FTSE 100 rise, and we also have a slight bearish 30min Gold chart to start the day. The S&P dipped and rose yesterday (just missed the 2258 long order of course!) and managed to rise to 2267, a rise that its likely to build on I am thinking.
So, fairly simple plan for today really, looking to buy any dips, especial;ly around the 7150 area for a rise to 7190 or higher (7250 would be good!). The bulls will need to break 7190 though as we have a red coral here on the 2 hour chart.
A late good morning.
Good shout on the 50 long Nick.
How long is 75 going to resist for? I think it’s important for momentum that the FTSE gets through it pdq.
Its trying again. If it breaks then 7190 on the cards. Got a gold short on at 1215 which is proving very slow!
How much is BT holding it back? 18% down.
If you’re going to cook the books the key is to not get caught!
Some dodgy maths coming up..
BT is 12th largest in the 100 at 1.53% weighting.
-18% of that is 0.2754% – change.
0.2754% of 7170 is 1.974 points.
God, this is dull.
No it’s not, it’s 19.74 points.
Bloody decimal points, bring back fractions.
Thanks!
losing…will…to…live…
Haha, it sounds familiar to me. I was the same by 1.15
ComeonMAte !! bears are about to come
Thanks tmfp. As you say pretty dull stuff I’m still long ftse and Dow so the longer it meanders the more I worry the steam will well and truly go and everything will tank!
One of those days when you sit from 11 to 1.30 and the price doesn’t want to move higher 11570. As soon as you close the trade with -2 quid the price makes a nasty drop to 11560 and climbs above 11570 but doesn’t move. The rise in the morning was a profit though.
I shouldn’t complain but I bottled my long Dow just under 900 as I thought it would have sold off it. Ran another 40 points. Still 40 points away from break even on my ftse long. Need some serious $ strength to ping ftse back up!
With the Dow on this trend higher I would imagine Ftse will get North of 7200 at least …
Oh wow, I only noticed that the price went up while I was out of trading. For me trading after 4 is problematical. What a shame, my 11570 would have worked well.
It always surprises you…..just when you think that’s it for the day it makes it move…..
Yes, it’s annoying sometimes. But I cannot be alert all day long, too stressful.