3rd April 2018 – FTSE 100 Trading signals
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Quite the decline on US markets yesterday while we were closed as another tech led sell off brought the Dow and S&P down. The S&P 500 Index closed below its 200daily moving average (was 2590) for the first time since June 2016, with fresh presidential criticism of Amazon.com and retaliatory tariffs from China rattling investors. The FTSE however, found support at the 6960 level and has put in a bit of an out of hours climb from there, despite two attempts by the bears to break below it.
With Thursday’s closing price at 7056 and the 2 hour chart now showing resistance at 7060 after yesterdays drop, this area looks like it will be tested today and also a decent shorting area. Above this then 7120 is the next area of note.
FTSE 100 Trading Signals, Forecast and Prediction
I had mentioned 6810 area as a support area of note for last month but we have not managed to reach it, so far at least, with 6845 being the low. That might be it for the moment. With the bounce from the 6960 level last night there is still some decent strength around and the bulls are keen to defend the 7000 level, after the pump to end Q1 at 7060ish. After the sell off in the US yesterday with the Dow Jones down 800 points at one point, the futures prices have bounced back, with focus moving towards earnings season again, in two weeks time. We do also have US unemployment data out on Friday this week. Investors are expecting a strong earnings season.
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