FTSE for FRIDAY #GOLD #DAX We remain fascinated from where people view our #FTSE Friday article. Last week, Reunion Island popped into the list of countries but to be fair, the UK and USA are pretty far ahead at the top of the leader board. But for the 2 folk on Reunion, thanks for visiting. You can be confident Google Satellite was used to tour your amazing island!
Leaving aside our ongoing Google Analytics addiction, our report last Friday effectively proved a waste of time with nothing actually triggering on the day. In fact, it was to take the entire week before the triggering move at the open on Monday actually reached our proposed target of 7425 points with a delicate little exact dip just before 11am on Thursday. Waiting 4 sessions for a 50 point drop to complete suggested quite a degree of boredom.
Oddly, the clown sector – the retail banks – have each triggered a reversal phase which has not yet kicked into life. Our suspicion was coming reversals in this sector would tend balance illusory gains amongst major oil sector player but despite the price of Crude, the oilers are not exhibiting disproportionate rises yet. Perhaps we’re facing a messy Friday as our 7425 was eventually broken later in the FTSE session with the market closing the day at 7418 points.
For now, the scenario exists of FTSE weakness below 7410 driving the market further down to an initial 7392 points. If broken, secondary is at 7338 points. If triggered, the tightest stop appears to be 7474 points, a number which keeps raising its head. In the event 7338 breaks, we can admit to the presence of 7291, a region where some sort of bounce will make sense.
Something worth remembering for the week ahead is we STILL expect the FTSE to explore the depths around 7120 points eventually. The market now requires above 7700 to rubbish the suggestion entirely. It’s at this point, where it’s possible to hesitate and question if there is any point in exploring near term LONG positions. Unfortunately, the market constantly proves if something is obvious, it’ll probably not happen anytime soon.
For a Long position to become viable, we require the index to better 7435 points. This, in theory, should prove capable of triggering some recovery toward an initial 7446 points. If bettered, secondary calculates at 7452 points. Stop can be fairly tight at 7410 points.
Importantly, for the longer term, in the event of a miracle and the FTSE making its way above 7452, we shall regard 7474 as exerting an attraction. To be blunt, we’ve absolutely no idea why some numbers keep proving themselves important in our movement calculations.
Have a good weekend.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
10:20:17PM |
BRENT |
84.79 |
|||||||||
|
10:23:58PM |
GOLD |
1200.45 |
1196 |
1192.175 |
1187.35 |
1202 |
1210 |
1213.5 |
1225 |
1199 |
|
|
10:27:17PM |
FTSE |
7432.21 |
Success |
||||||||
|
10:34:11PM |
FRANCE |
5406.7 |
Success |
||||||||
|
10:36:55PM |
GERMANY |
12252 |
12173 |
12076 |
11949 |
12350 |
12352 |
12379 |
12448 |
12242 |
Shambles |
|
10:39:38PM |
US500 |
2906.07 |
Success |
||||||||
|
10:42:32PM |
DOW |
26654.7 |
Success |
||||||||
|
10:47:30PM |
NASDAQ |
7500.12 |
Success |
||||||||
|
10:52:50PM |
JAPAN |
23773 |
Success |