16th November 2018
Well once again the FTSE held the 6980 support level to then have a strong rise during the late afternoon after a day of turmoil in UK politics. Thats what we saw publicly so imagine the back door deals being done all over the place! The FTSE 100 futures managed to see 7100 during the evening as the US rose, but have dropped back since with 7023 looking like initial support.
Asian equities looked set to round out the week with small gains, after U.S. stocks rose for the first time in six days. American equities advanced 1.1 percent, with beaten-down technology shares leading the rebound. The pound plunged as Brexit again threw the U.K. government into turmoil. The dollar was little changed, while oil and Treasuries jumped. Trade-sensitive industrial shares led the S&P 500 Index higher in afternoon trading amid hope that China and the U.S. would de-escalate their trade spat before the G20 summit later this month, even as the threat of new tariffs looms.
The U.S. still plans to raise tariffs on Chinese imports in January with President Donald Trump and China’s Xi Jinping likely at best to agree to a “framework” for further talks to resolve trade tensions at an upcoming meeting, Commerce Secretary Wilbur Ross said. The U.S. and China are now discussing the agenda for the two leaders’ meeting on the sidelines of the Nov. 30-Dec. 1 Group of 20 summit in Buenos Aires and what a realistic outcome could be. When asked about a report that China this week had presented a list of possible concessions ahead of the talks, Ross said in an interview Thursday that everything leading up to the meeting is just “preparatory.”
After months of veiled threats and dark warnings, the pro-Brexit army of hardliners have finally mobilised. Their informal leader, Jacob Rees-Mogg, has submitted his letter of no-confidence to Graham Brady, the chairman of the 1922 Committee of rank-and-file Conservatives. But the prime minister is standing firm: “Am I going to see this through? Yes.” Asked if she would carry on if she won a confidence vote by just one vote — a scenario that is hypothetical — her answer was revealing: “Leadership is about taking the right decisions not the easy ones.” For now it seems the threshold to trigger that process has not been reached yet.
FTSE 100 Trading Signals, Forecast and Prediction
For today I think we may see the lower support area at 7023 hold which is now 2 hour support following the rise yesterday evening. Of course we may see more political upheaval which may change things but looking at the charts I am watching this area for support, and the 7090 to 7110 area as resistance.
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