28th August 2018
Yesterday, U.S. stocks rose to fresh all-time highs and Mexico’s peso rallied versus the dollar as the Trump administration closed a bilateral trade deal with America’s southern neighbor. Treasuries fell. The S&P 500 Index closed just short of 2,900 and the Nasdaq Composite Index topped 8,000 for the first time as President Donald Trump unveiled details of the agreement that he says will replace Nafta. The Dow Jones Industrial Average rose above 26,000 for the first since February.
FTSE 100 Futures popped above 7600 again, with the daily coral at 7674 looking like a decent upside target for now.
FTSE 100 Trading Signals, Forecast and Prediction
With yesterday’s rise on the futures, the bulls have managed to push above the 25ema on the daily at 7620 though this is initial resistance for today with the overnight high at 7638 above this, and partly the reason why I am thinking that we will see an initial drop.
Not so much on the news front today but highlights include a speech by ECB’s Praet, and weekly API crude inventories.
Dax 30 and S&P 500
On the Dax, we have 200ema resistance on the daily at 12589 that has seen a reaction overnight, while the 2 hour chart is bullish with support at 12485. Below this then the 30min chart is showing support at 12445 with a fib and 200ema, so worth a long here if we get a dip down to start with today.
On the S&P, the 2 hour support is 2885 and the bulls will be keen to get the price above 2900 again and make it stick. But can they manage it? 2894 remains resistance though we seem to be holding above that ok at the moment.
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