8th March 2017
FTSE 100 Support 7324 7305 7289 7299 7290 7285
FTSE 100 Resistance 7336 7337 7345 7354 7375 7386 7425
Good morning. The bulls failed to get going yesterday despite a brief go from the 7340 level as we head towards todays Budget at 12:30. We got the bull Monday, bear Tuesday pattern again, though its a shame it didn’t manage to climb to 7370/7390 for a decent short entry. Interestingly both cable and gold fell but failed to push the FTSE up, despite the Dax and Dow rebounding from their lows. FTSE 100 was just having none of it and continued a slow slide down.
Overnight has seen a low of 7313, with the 7320 support area therefore being tested. If this breaks properly then we could be on for a slide to 7240. Trepidation is setting in after one of the steepest post-election rallies in history drove the value of global equities towards $71 trillion amid optimism President Trump can spur growth with huge spending projects and lower taxes.
The Chancellor is expected to deliver an upbeat assessment of the future as PM Theresa May prepares to trigger formal talks with the EU this month. While the need to continue reducing the deficit means difficult decisions on tax and spending, investment remains a priority and the government will help ordinary working families still suffering from the effects of the 2008 financial crisis, the Treasury said in a briefing note.
FTSE 100 Outlook and Prediction

It’s going to be all about the budget today and whether Hammond can talk a good game and what he plans to deliver. There is a rumour of tax rises so we will see.
To start with we have some resistance on the 30min chart at 7338 where we have a red coral and the daily pivot, with the 200ema above that at 7345. This might see a bearish reaction if the bears want to continue yesterday’s pullback and the overnight declines. If they can then there is a cluster of decent looking daily supports around the 7285 to 7295 level so we may well see the bulls appear there, however the news is a little bit more bearish today with many wondering how this years rally is going to continue.
If the bulls were to break 7345 then a rise to 7375 is likely, were we have some 2 hour resistance and then R2 at 7386. They still need to break 7400 really to really keep the rally alive as that targets 7450 and higher.
If the bears break 7285 then a decline to 7240 looks likely. Fairly decent looking support here but if that goes then it starts to look more bearish and 7050 is on the cards.
That said, we also have NFP on Friday, forecasted at 190k so that might well help the bulls. The dividend today is 5.4
Been trading for many years and its normal to consolidate last weeks bull candle. Usually retrace half its length, where we are now i.e. around 7330. The swing higher, if it is coming, should be tomorrow or friday, today wojkld normally create a doji candle of small range. Not expecting firewoeks today and holding long.
Dax doesn’t like to fall. Well, got a bit of long today.
I’m long Dad too Jack. How far will it go do you reckon?
Did you survive that drop?
Maybe not Dad, spellcheck! Dax
Just passing by……good luck chaps…
Interesting.
Isn’t it just…
Blatent is the word I would use…
Well, I’m not losing any more, that’s good. Currently long.
Hoping for 12040 if it will.
93.3 to go and we are 12020
12000 closed. It could go or may not go, I just noticed I started oversitting a bit. Felt all right to close although it may go 12040 easily. Best of luck.
For me 45 points is all right.
FTSE remains in a tight downward channel since the 1st March. As others have said, despite the weakness in the pound, the FTSE marches down. (Oil has also ground downward …). The weakness in GBP has provoked only minimal shoves up last few days.
BTW – although I haven’t really posted before, I’ve watched this forum for some time daily and really appreciate the posts from those who share their successes – and failures – daily. For me, I broke my winning streak today and ended on a small loss. Dammit! 🙂