FTSE for FRIDAY #CAC40 #NK225 At present, the #FTSE requires close a session above 7052 points to trash our miserable outlook which anticipates a bottom in the 5,800’s. What amuses was our success last Friday, giving near term forecast scenario in each direction. Despite our belief the market faced a grotty day, it was our upward scenario which triggered, achieving targets.
The chart below is from 2009 and at present, the RED uptrend is at 6405 points. Basically put, if the market closes a session below this level, it ticks a final box, burns a final bridge, and breaks the last straw in its journey to the 5800 level. Perhaps there will be a fake bounce around 6380 but we have our doubts. Essentially, if the FTSE were a share, we would expect it to drop eventually.
From a near term perspective, things are getting interesting as evinced in a European Central Bank press release;
“ECB : RISKS ARE ROTATING IN UNCERTAIN ENVIRONMENT”
Translation; “We have no idea what’s happening”
In the case of the FTSE, we’re full of doom and gloom whereas the index itself has been showing some surprising positive motions, leaving us uncomfortable with our certainty for a drop! And also echoing the ECB’s thoughts!
Near term, above 6950 is supposed to generate travel to an initial 7006 points. If exceeded, secondary is at 7057 where some sort of hesitation can be expected. Visually, this secondary is essentially matching the immediate BLUE downtrend. And only with CLOSURE above 7052 points will we be forced to abandon our favoured gloomy outlook!
The opposing scenario, near term, indicates weakness below 6860 should provoke reversal to an initial 6825 points. If broken, secondary calculates at 6788 points. If triggered, stop needs be quite wide at 6920 points.
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 |
|
10:20:10PM |
BRENT |
61.25 |
|||||||||
|
10:22:23PM |
GOLD |
1287.04 |
‘cess |
||||||||
|
10:53:08PM |
FTSE |
6960 |
Success |
||||||||
|
10:54:54PM |
FRANCE |
4820.2 |
4755 |
4725.5 |
4686 |
4815 |
4843 |
4858.5 |
4893 |
4755 |
Success |
|
10:57:12PM |
GERMANY |
10960 |
‘cess |
||||||||
|
10:59:04PM |
US500 |
2594.94 |
Shambles |
||||||||
|
11:01:54PM |
DOW |
23995 |
|||||||||
|
11:03:29PM |
NASDAQ |
6608.12 |
|||||||||
|
11:07:18PM |
JAPAN |
20361 |
20181 |
20089.5 |
19991 |
20350 |
20385 |
20492 |
20644 |
20188 |
‘cess |