#DOW #Gold Once again, we spent US Indie day regretting getting out of bed. Market financial volumes hit Xmas week levels with the number of shares pretending to do anything at an absolute minimum. Why does the UK not have a couple of public holidays, dedicated to making folk feel good about themselves and their country? Perhaps this is the cunning plan for Brexit, to create a new Independence Day holiday!
We keep whinging about the media & politicians, many of which indulge in a sport of talking the future down. Unsurprisingly, these appear the same folks who warned of calamity if Mr Trump became US president, remaining gleefully highlighting anything wrong, regardless of what actually happens. Yet in the period since the US elected their disaster, the country appears better than ever with US markets achieving all time highs. It’s easy to speculate such a dreadful fate awaits the UK, once everything is shaken up by Brexit and a new clown is successfully appointed Prime Minister.
All joking aside, someone recently suggested many UK politicians (and European ones too) are utterly dreadful, because they don’t really need do a job, due to the EU indulging in heavy lifting for legislative purposes. This has created a tranche of ‘Z List’ politicians across member states, many of whom should only aspire to be local councillors at best.
The comment certainly gave some pause for thought.
One of the more common questions being asked relates to spotting early signs of proper market reversal. At present, the FTSE requires break RED on the chart, presently at 7170 points, to justify concern as this looks capable of driving the index back to the 6939 level. In itself, not the most tragic state of affairs but should 6939 break, the index risks easily trashing itself down to 6520 and a new low. This would prove a very bad thing.
On the FTSE for FRIDAY, we doubt this state of affairs risks arising anytime soon as above 7622 now looks capable of a near term 7638 points. While pretty useless, secondary at 7676 is certainly more appealing for the days ahead. Or perhaps tomorrow.
The alternate, near term, if of weakness below 7595 driving the index back to 7580 initially. If broken, secondary calculates at 7553, along with the risk of further reversals in the week ahead.
Worse still, if we examine the dire state of the US market under President Trumps domain and extrapolate a similar terrible state of affairs forward, it’s remarkably easy to calculate the UK FTSE as already on course for a long term 8554 points. It needs below the aforementioned RED line to cancel this prospect.
Have a good weekend. At time of writing, it’s 9 days and 14 hours until the British Grand Prix, along with epic traffic jams around the venue.
|
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
|
10:17:36PM |
BRENT |
63.12 |
62.86 |
62.37 |
63.7 |
63.87 |
64.165 |
62.86 | |||
|
10:19:12PM |
GOLD |
1415.88 |
1410 |
1399 |
1422 |
1421 |
1423.5 |
1411 | |||
|
10:20:44PM |
FTSE |
7602.22 |
7596 |
7587 |
7613 |
7623 |
7646 |
7596 | |||
|
10:22:34PM |
FRANCE |
5615.2 |
5612 |
5607 |
5625 |
5631 |
5641 |
5612 | |||
|
10:26:53PM |
GERMANY |
12635 |
12618 |
12598 |
12642 |
12660 |
12676 |
12622 | |||
|
10:28:55PM |
US500 |
2999.07 |
2979 |
2974.5 |
3000 |
3000 |
3002 |
2983 | |||
|
10:31:55PM |
DOW |
26996.7 |
26887 |
26868.5 |
26999 |
27005 |
27046.5 |
26914 | |||
|
10:34:53PM |
NASDAQ |
7875.87 |
7854 |
7843.5 |
7881 |
7881 |
7885.5 |
7862 | |||
|
10:36:29PM |
JAPAN |
21673 |
21652 |
21616.5 |
21705 |
21733 |
21765.5 |
21652 |