FTSE FOR FRIDAY #BRENT #NASDAQ Yet another week has slithered past, one which for the #FTSE has left us feeling a bit underwhelmed. Meanwhile, across the pond, the #DOW has closed at a new all time high and we recently proposed a target on this cycle comfortably above 27,000 points.
But for those of us in the land of the Strong and Stable, things are less confident with the FTSE still trading in a region which calculates with a drop target of 7,100 or so. At present, the index requires exceed 7445 points to stop us talking about the potential of a bounce from our drop target.
Near term, a fairly interesting prospect for the FTSE (as always, do remember we are talking about the market during London trading hours) shows the potential of growth above 7370 challenging an initial 7431 points. If bettered, secondary comes along at 7465 points. The immediate visuals virtually tell their own story, due to our initial calculation effectively challenging but not exceeding the downtrend since start of August. Unfortunately, it implies the index risks lurking like a politician around a waste bin with expense receipts, just waiting its chance to lunge downward to our 7100 level.
The other side of the coin, should the index opt not to continue its immediate recovery cycle, comes with weakness near term below 7340 calculating with an initial useless 7330 points. If broken, secondary is an almost certain 7318 points and the RED uptrend suggests it will probably bounce at such a level. A break below makes 7280 pretty confident looking.
For now, if the market opts to exceed our upward trigger, stop can be at 7330 points. Whereas should it break our downward trigger, stop can reside at 7370 points.
And finally, beware the opening seconds on Friday morning. Should either trigger be exceeding during the first few minutes of trade, we’ve a suspicion the market shall indulge itself by heading in the opposite direction. Our reasoning for this is fairly simple, due to quite a few index’ worldwide currently flirting with logical maximums. If the FTSE betters 7370 by one minute past eight, it will therefore doubtless commence relaxation half way to its initial upward target – ie, around 7,400 points.
We don’t usually give this warning but “something” does not feel right for Friday.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
|
10:42:08PM |
BRENT |
78.31 |
77.99 |
77.53 |
76.89 |
79.12 |
79.45 |
79.975 |
80.93 |
78.41 |
‘cess |
|
|
10:43:58PM |
GOLD |
1207 |
||||||||||
|
10:46:33PM |
FTSE |
7392.98 |
‘cess |
|||||||||
|
10:48:38PM |
FRANCE |
5456.8 |
‘cess |
|||||||||
|
10:52:22PM |
GERMANY |
12365.38 |
Success |
|||||||||
|
10:56:13PM |
US500 |
2935.12 |
Success |
|||||||||
|
10:58:35PM |
DOW |
26711.4 |
||||||||||
|
11:00:49PM |
NASDAQ |
7584 |
7468 |
7426.5 |
7373 |
7516 |
7587 |
7601.75 |
7625 |
7520 |
Success |
|
|
11:02:19PM |
JAPAN |
23858 |
‘cess |
20/09/2018 FTSE Closed at 7367 points. Change of 0.49%. Total value traded through LSE was: £ 7,253,507,644 a change of 10.48%
19/09/2018 FTSE Closed at 7331 points. Change of 0.42%. Total value traded through LSE was: £ 6,565,643,949 a change of 4.96%
18/09/2018 FTSE Closed at 7300 points. Change of -0.03%. Total value traded through LSE was: £ 6,255,155,740 a change of -9.72%
17/09/2018 FTSE Closed at 7302 points. Change of -0.03%. Total value traded through LSE was: £ 6,928,775,046 a change of -9.93%
14/09/2018 FTSE Closed at 7304 points. Change of 0.32%. Total value traded through LSE was: £ 7,692,584,165 a change of -0.13%
13/09/2018 FTSE Closed at 7281 points. Change of -0.44%. Total value traded through LSE was: £ 7,702,800,654 a change of -12.29%
12/09/2018 FTSE Closed at 7313 points. Change of 0.55%. Total value traded through LSE was: £ 8,782,533,108 a change of 9.2%