FTSE for FRIDAY #gold #sp500 Our company night out last week produced some massive red wine hangovers and no #FTSE for Friday report. Seeing Slade live, performing their Xmas song made it all worthwhile, almost excusing us missing a vibrant day. Unfortunately, the benefit of last Friday has not yet made its way to the wider marketplace.
To suggest the FTSE is nervous at present would be a gross understatement. On Wednesday this week, the market repeatedly illustrated highs at 6902 points for 4 hours. Generally speaking, when this sort of thing happens, any break beyond such a level will “always” provoke some sharp upward travel.
From our perspective, it’s one of the big rules.
Unfortunately, we’ve another big rule; Beware opening spikes!
The FTSE indeed bettered 6902 points, precisely 60 seconds after the index opened for trading. It almost felt the market had conspired against us. The index spiked above the trigger level to 6908.48 points for a second, then spent the rest of the day wasting everybody’s time. Our inclination is to review what occurred a week ago in the hope of spotting where the trend changed.
This has created an interesting situation, one where we dare not express hope in FTSE moves upward until it now exceeds 6920 points. Such a miracle allows travel to an initial 6960 points. If exceeded, secondary calculates at 6982 points allegedly. We say “allegedly” as this would propel the UK index into a region where 7166 and beyond is possible longer term.
The other side of the coin looks like weakness continuing below 6810. At present, this allows travel down to an initial 6785 points where some sort of bounce can be hoped. But if broken, our secondary calculates at 6740 points. This would take the market dangerously close to RED on the chart as closure below will make an excursion down to the 5800’s hard to avoid.
Quite curiously, this matches the lows of the FTSE, the morning after 2016’s Brexit vote…
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
10:06:16PM |
BRENT |
61.68 |
‘cess |
||||||||
|
10:08:15PM |
GOLD |
1242.52 |
1240 |
1237.595 |
1233.5 |
1245 |
1246 |
1247.52 |
1250.04 |
1240 |
|
|
10:10:15PM |
FTSE |
6850.75 |
Sorry |
||||||||
|
10:12:03PM |
FRANCE |
4888.5 |
|||||||||
|
10:18:04PM |
GERMANY |
10900.35 |
|||||||||
|
10:19:40PM |
US500 |
2644.97 |
2635 |
2623.5 |
2603 |
2660 |
2672 |
2686 |
2703 |
2635 |
‘cess |
|
10:22:09PM |
DOW |
24569 |
|||||||||
|
10:24:27PM |
NASDAQ |
6746.87 |
|||||||||
|
10:26:56PM |
JAPAN |
21715 |
13/12/2018 FTSE Closed at 6877 points. Change of -0.04%. Total value traded through LSE was: £ 6,127,869,664 a change of -22.92%
12/12/2018 FTSE Closed at 6880 points. Change of 1.09%. Total value traded through LSE was: £ 7,949,668,067 a change of 8.64%
11/12/2018 FTSE Closed at 6806 points. Change of 1.26%. Total value traded through LSE was: £ 7,317,378,636 a change of -1.09%
10/12/2018 FTSE Closed at 6721 points. Change of -0.84%. Total value traded through LSE was: £ 7,398,221,418 a change of 1.03%
7/12/2018 FTSE Closed at 6778 points. Change of -2.07%. Total value traded through LSE was: £ 7,323,127,201 a change of 5.12%
5/12/2018 FTSE Closed at 6921 points. Change of -1.44%. Total value traded through LSE was: £ 6,966,600,933 a change of -11.83%
4/12/2018 FTSE Closed at 7022 points. Change of -100%. Total value traded through LSE was: £ 7,901,119,671 a change of 0%