#FTSE 4 FRIDAY and a dig at #Ferrari! #DAX #GOLD The UK market has spent this week trying to pretend some recovery, a feat which appears beyond the land of “Strong and Stable”. Instead, it appears we now face some sharp reversals anytime soon and it all depends where the market opens on Friday.
Our justification for being a little miserable was provided, in oodles, during Thursday thanks to a bunch of signals suggesting the day was about to evade its usual miserable performance and instead, head upward. But 30 minutes before the trading day completed, the FTSE opted to abruptly change direction, in doing so creating a scenario where the index opening Friday morning below 6999 will prove to be a bad thing.
What happens if 6,999 points is broken?
The usual plagues, Fire, Pestilence, Politicians, are all expected, along with ongoing reversals to an initial useless 6972 points. If broken, as appears very probable, we can hope for a bottom at 6894 points. If triggered, the tightest theoretical stop is at 7074 points but in reality, it feels likely the tightest possible stop at Thursdays closing price (7066 points) will be allowed.
What happens if 6,894 points breaks?
Bottom calculates at 6,650 points, a level where a bounce is almost mandated.
It’s almost worth stopping now as it feels unlikely the market will exhibit any recovery. However, that’s maybe what “they” want us to think!
We shall not be inclined to take any rise seriously unless the index somehow betters 7055 points. Such a stunning recovery would permit movement to a fairly uninterested 7064 points. Secondary is at 7072 points. Stop can be placed at 7035 points. In reality, only if above 7072 dare we believe any near term bounce to be genuine.
Friday feels just a little stormy. On the bright side, it is the US Grand Prix weekend and the hope of a plucky Brit winning his 5th World Championship. Is it just me or have Ferrari been rubbish since race organisers ordered them to stop “cooling” the on-board camera during pit time. One could almost suspect the “cooling” process was doing a little more than advertised…
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
|
9:27:31PM |
BRENT |
79.01 |
78.35 |
78.21 |
80.23 |
79.72 |
80.27 |
78.82 |
Sorry |
|||
|
9:36:28PM |
GOLD |
1226.19 |
1218 |
1216.5 |
1228 |
1230 |
1234 |
1218 |
Shambles |
|||
|
9:38:31PM |
FTSE |
7017.67 |
6980 |
6946.5 |
7029 |
7029 |
7035.5 |
6995 |
Sucked |
|||
|
9:47:58PM |
FRANCE |
5096 |
5068 |
5040.5 |
5162 |
5176 |
5209 |
5113 |
Success |
|||
|
9:50:11PM |
GERMANY |
11538.4 |
11487 |
11447.5 |
11700 |
11793 |
11821.5 |
11625 |
Success |
|||
|
10:03:33PM |
US500 |
2773.77 |
2754 |
2739 |
2784 |
2784 |
2788.5 |
2764 |
Success |
|||
|
10:06:14PM |
DOW |
25408.7 |
25237 |
25156 |
25439 |
25498 |
25547.5 |
25319 |
Success |
|||
|
10:08:02PM |
NASDAQ |
7141.87 |
7075 |
7017.5 |
7170 |
7180 |
7216 |
7110 |
Success |
|||
|
10:10:30PM |
JAPAN |
22305 |
22152 |
22134.5 |
22365 |
22743 |
22945.5 |
22532 |
Success |
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%
16/10/2018 FTSE Closed at 7059 points. Change of 0.43%. Total value traded through LSE was: £ 7,540,354,046 a change of -9.39%
15/10/2018 FTSE Closed at 7029 points. Change of 0.49%. Total value traded through LSE was: £ 8,321,774,185 a change of -22.32%
12/10/2018 FTSE Closed at 6995 points. Change of -0.16%. Total value traded through LSE was: £ 10,713,220,944 a change of -24.84%
11/10/2018 FTSE Closed at 7006 points. Change of -1.95%. Total value traded through LSE was: £ 14,254,740,732 a change of 38.77%
10/10/2018 FTSE Closed at 7145 points. Change of -1.27%. Total value traded through LSE was: £ 10,271,982,487 a change of 16.07%