FTSE for FRIDAY #DAX #SP500 For quite a while, we’ve been demanding the #FTSE close below 6955 to justify concern for the index’ future. Despite a pretty nasty week, the lowest the FTSE closed (so far) was 6955.21 points. Perhaps it’s not doomed?
We’ve some fairly solid doubts as to the potential for any miracle recovery. The index closed Thursday at 7004 points, presently requiring above 7230 to once again recover above the Brexit Vote RED uptrend. Until such an event occurs, the market is loitering in a region where 6635 presents itself with some bottom potentials.
From an immediate perspective, the FTSE requires movement above 7005 points to generate traffic to an initial 7058 points. In the event of this level being bettered, there’s a slight chance bottom is “in” and further recovery to 7076 becomes very possible. If triggered, the stop requirement is pretty wide at 6930 points.
In theory, bettering 7076 does plant the FTSE in a region with the promise (threat) of further traffic to 7218 points!
However…
We’re not convinced. At present, any weakness below 6930 looks capable of generating downward travails in the direction of 6878 points. If broken, secondary is a pretty massive drop down to 6635 points. If triggered, stop can be 7004 at tightest.
In summary, we rather suspect the markets intention is to eventually reach 6635 and bounce. The implications below 6635 are seriously unpleasant.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
10:25:32PM |
BRENT |
76.61 |
|||||||||
|
10:31:46PM |
GOLD |
1232.85 |
‘cess |
||||||||
|
10:35:06PM |
FTSE |
6947.21 |
Shambles |
||||||||
|
10:37:20PM |
FRANCE |
5014.5 |
‘cess |
||||||||
|
10:40:29PM |
GERMANY |
11210 |
11173 |
11131.5 |
11051 |
11274 |
11373 |
11409.5 |
11531 |
11200 |
Success |
|
10:42:55PM |
US500 |
2680.27 |
2661 |
2636.12 |
2607.24 |
2690 |
2746 |
2759.64 |
2796.52 |
2688 |
|
|
10:45:48PM |
DOW |
24858.2 |
‘cess |
||||||||
|
10:47:51PM |
NASDAQ |
6875.81 |
‘cess |
||||||||
|
10:49:58PM |
JAPAN |
21515 |
‘cess |
25/10/2018 FTSE Closed at 7004 points. Change of 0.6%. Total value traded through LSE was: £ 7,333,860,753 a change of 6.42%
24/10/2018 FTSE Closed at 6962 points. Change of 0.1%. Total value traded through LSE was: £ 6,891,267,887 a change of -25.51%
23/10/2018 FTSE Closed at 6955 points. Change of -1.24%. Total value traded through LSE was: £ 9,250,752,256 a change of 48.14%
22/10/2018 FTSE Closed at 7042 points. Change of -0.1%. Total value traded through LSE was: £ 6,244,485,497 a change of 2.54%
19/10/2018 FTSE Closed at 7049 points. Change of 0.33%. Total value traded through LSE was: £ 6,089,694,862 a change of -8.8%
18/10/2018 FTSE Closed at 7026 points. Change of -0.41%. Total value traded through LSE was: £ 6,677,006,218 a change of -1.48%
17/10/2018 FTSE Closed at 7055 points. Change of -0.06%. Total value traded through LSE was: £ 6,777,069,571 a change of -10.12%