FTSE for Friday #SP500 #GOLD Despite concentrating on the all important countdown to the new Formula 1 season (9 days), a few things concern us about the FTSE. Firstly, the financial volumes going through London at present are around 1/2 what we’d expect at this time of year. Secondly, and doubtless related, the market isn’t really moving!
Since the start of February, the FTSE has exhibited a useless 250 point trading range. This is very effectively trapping share prices in a twilight zone, where despite major triggers being hit, nothing effectively happens. It’s fairly obvious the current poisonous Brexit climate is fouling things up completely and the UK market is obliging, hoping for the best while prepping for the worst.
At present, the FTSE eloquently reflects this hiatus. It has triggered a movement to 7,400 points. This is something which we’d normally be pretty confident about but instead, the market has opted to create a near term downtrend which is proving difficult to beat. At present, the suggestion is of near term growth above 7210 triggering an onslaught of 7232 points. Obviously, pretty useless but above 7232 is supposed to indicate a cycle commencing to the 7400 level. We rather suspect, even if the immediate BLUE downtrend is bettered, our best hope would be for the market to invent a new glass ceiling at the 7232 level.
Of course, there’s a reasonable chance the index will eschew any attempt to Blue. In the case of weakness now below 7125 points, we’d expect coming reversal to 7104 points initially. If broken, secondary is down at 7067 points and a probable bounce. If triggered, the tightest stop is unpleasantly wide at 7196 points.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
10:01:58PM |
BRENT |
66.01 |
Success |
||||||||
|
10:03:58PM |
GOLD |
1286.11 |
1280 |
1276.5 |
1272 |
1289 |
1288 |
1290.5 |
1294 |
1282 |
|
|
10:08:19PM |
FTSE |
7138.68 |
|||||||||
|
10:22:40PM |
FRANCE |
5252 |
‘cess |
||||||||
|
10:29:03PM |
GERMANY |
11499 |
Success |
||||||||
|
10:31:25PM |
US500 |
2750.12 |
2737 |
2733 |
2714 |
2760 |
2775 |
2783 |
2803 |
2743 |
Success |
|
10:35:11PM |
DOW |
25469 |
‘cess |
||||||||
|
10:48:20PM |
NASDAQ |
7025.62 |
Success |
||||||||
|
10:51:00PM |
JAPAN |
21272 |
Success |
7/03/2019 FTSE Closed at 7157 points. Change of -0.54%. Total value traded through LSE was: £ 6,145,432,353 a change of -16.83%