Trends and Targets for 8/02/2019

FTSE for FRIDAY #SP500 #GOLD #Nasdaq The astounding excitement of Brexit talks has captivated us in a week where, once again, nothing really happened! Even the #FTSE appears to be losing interest in the affair faster than UK media’ attention on a drunk MP sexually assaulting two people at Westminster and police being called…

 

From where the market closed the session on Thursday, it now appears weakness below 7093 risks some near term travel down to an initial 7048 points. In itself, this isn’t terribly alarming but we’ll raise an eyebrow should 7048 break. There is a very real risk of continued travel down to 6925 points in such a scenario. The tightest stop position appears to be 7151 points.

As the chart highlights, even reversal to 6925 isn’t such a grim scenario but we do remain with one really big concern. The FTSE is still trading in a region where some negative news can drive it to 6375 in a blink with secondary, if broken, down in the 5800’s. In fact, if this were a share, we’d already assume it intends head to the 5800’s given the presence of the Brexit vote uptrend.

Sticking to our “if this were a share” approach, the index now requires better 7235 points before we dare take any rise seriously, such a movement taking the market into a region with an initial 7400 points. Our secondary is at 7600 points. It can be guessed, if only due to our rounding things to a hundred points, we’re not convinced.

 

Near term, it seems movements exceeding 7152 should be worthwhile, allowing some recovery to an initial 7172 points. If exceeded, secondary calculates at 7194, effectively keeping the index paddling on the spot.

 

Have a good weekend.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

9:31:45PM

BRENT

61.64

60.5

60.05

61.87

62.35

62.635

61.3

Shambles

9:47:35PM

GOLD

1310.26

1302.5

1299

1312

1312

1313.75

1305

‘cess

9:50:13PM

FTSE

7112.41

7093

7078.5

7125

7180

7192

7120

Shambles

9:52:28PM

FRANCE

4997.2

4978

4965

5035

5036

5053

4997

Success

9:55:06PM

GERMANY

11028.18

10999

10961

11180

11289

11338

11173

Success

9:56:44PM

US500

2705.72

2686

2676.5

2720

2726

2737

2695

10:13:56PM

DOW

25156.7

24994

24906

25248

25330

25468

25040

Success

10:16:19PM

NASDAQ

6898.09

6850

6839

6953

6978

7003.5

6904

‘cess

10:18:26PM

JAPAN

20538

20450

20289

20655

20784

20808.75

20623

Success

 

7/02/2019 FTSE Closed at 7093 points. Change of -1.12%. Total value traded through LSE was: £ 6,065,324,454 a change of 12.56%
6/02/2019 FTSE Closed at 7173 points. Change of -0.06%. Total value traded through LSE was: £ 5,388,448,753 a change of -11.9%

 

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