6th November 2018
It was a lacklustre end to trading on European markets as sinking tech stocks sour the mood on markets. The FTSE 100 has gave up most of its early gains and closed just 0.1pc higher. Markets remain “in nervous form” ahead of the midterm elections. Was unfortunate that the early rise just missed the 7075 long order as it managed to get to 7142 before dropping back to 7090. Overnight the futures prices have remained above the 7100 level, with 2 hour resistance dropping down to 7150 now.
The Brexit deadlock and slowing global economy dragged growth in the UK’s crucial services sector down to its lowest level in seven months in October. The largest part of the UK economy slowed sharply to a score of 52.2 in IHS Markit’s closely-watched PMI survey (any score above 50 indicates growth), pulling back the overall PMI indicator to a post-Brexit vote low.
The British economy accelerated in the third quarter after a sizzling summer led to a pick-up in consumer spending. But economists have warned that the 0.6pc growth expected in the third quarter could be temporary. The overall PMI score in October pointed to quarterly growth of just 0.2pc.
The most expensive midterm campaign in U.S. history raced to a finish ahead of Tuesday’s election, as both sides braced for a possible split decision that would hand the House to Democrats and leave Republicans holding onto or expanding their Senate majority. The final hours of campaigning showed familiar themes: President Donald Trump was on the road stumping for Republicans, Democrats were accusing the GOP of fresh efforts at voter suppression, and a hard-edged, Trump-backed ad targeting immigration sparked a debate over whether it was insensitive.
FTSE 100 Trading Signals, Forecast and Prediction
Its all about the mid term elections today and we may well see a buy the rumour sell the news sort of day. The 7100 are has held well overnight and I expect that to remain the case this morning for a rise towards the 2 hour resistance at 7150 and the fib level at 7160. If the bulls can push past 7160 then the 7204 level is still resistance as we failed to reach that on Friday. 7175 still support with 7150 and 7110 below that.
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