V shaped day ahead for the FTSE 100? 7510 support

30th May 2017

With markets closed in the UK and US yesterday there wasn’t much happening, though Corbyn’s gains in the polls have seen cable fall back towards 12800, which kept the FTSE 100 futures prices around the 7550 level. A slightly weaker Asia session has seen them drop back a bit towards 7530 as I write this.

The ASX200 had a V shaped day today, recovering from its initial falls and bouncing from a key fib level. Hong Kong and Chinese markets are closed today, and the first day back in the UK could well see light volume again. Oil has dropped back and gold has risen further, so would suggest a slightly weaker FTSE 100, at least initially. Maybe a V shaped day fro us too…

FTSE 100 Outlook and Prediction

Daily FTSE 100 Trend Channels
Daily FTSE 100 Trend Channels

The bulls have so far failed to break the 7550 level, and indeed the 2 hour chart is now bearish with resistance at this level…..

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18 Comments

  1. FTSE strong , despite rebound in £/$ pair , plus oil down…
    I make the short term trend neutral, short below 7535 and long above 7535..

  3. Morning Nick….I noticed you havn’t posted for 31st May…..i hope you are coping as best you can after recent events…..I’m sure I’m speaking from all your regulars that we all wish you well and hope to see you back up and running in due course….all the very best…..anstel…

  4. FTSE only knows strength and cannot be shorted. There has been no indication whatsoever to do so and bears deservedly destroyed.
    I remain long gold which equally cannot be shorted despite slower progress north.

    1. It’s goin to hit 7600 today or early tomorrow Icarus be careful buddy…your hoping not trading….it’s not broken till it’s broken…I wish you would listen…good luck all the same….

    1. Hi Icarus ,no I’m not worried….tell you what I was so close to shorting it at 86 as well.:0) I’m getting much happier shorting now :0) my PTSD therapy is workin wonders :0)….. It’s probably goin to continue up as institutional buying could be on the cards for pensions… unit trusts etc overnight I reckon..

  8. Hello all,

    Had a good day thus far. But I too am wondering what next. Short at the minute but I think sterling will strengthen more as PM May becomes more likely to win…that I think will send it lower?

    However Anstel your points about institutional buying is a good one?

    I have a short on gold too? Tight stop!!!

    …Not sure where Nick is and only
    hope he is ok!

  9. Just thought I’d post some additional info for anyone who is not aware…This trading can be a very stressful endeavour ,it’s routinely mentioned how 90% fail…..The human body enters into a fight or flight response to varying degrees when a position goes against us,,,and depending on how much pressure an individual trader can comfortable take, stress levels in our bodies increase……obviously bigger position sizes compound the amount of stress we experience….what then happens is the body produces adrenaline to help increase our energy levels and stay alert and be vigilant while monitoring our positions….adrenaline producers cortisol and combined they increase the bad LDL cholesterol in our bodies…..this can then reduce the ability of our veins to pass blood flow to our heart and kidneys which in turn can have an undesirable effect on our health…..it’s very very important to relax after a stressful trade…..I’m thinking about Icarus here being under water 100 pts or so for an extended period of time…So anyway it’s really important to build into your trading strategy a way of stepping back from the market and relaxing your body after a stressful period…..Health is the most important thing we possess ……..good luck all……….

  10. Hi All, was travelling back to the UK today (31st May) so couldn’t post. All ok though, thanks everyone for asking!

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