#DJI #FTSE As we ponder an end of civilisation, due to global market reversals, it occurs the UK’s Brexit shambles is “off the hook” for damaging the stock market. Or is the UK still secretly a driving force in world affairs, despite woeful political leadership? Last time we had so many shares needing an update in a single day was immediately following the Brexit vote!
There is still some hope the UK will bottom around Thursdays low of 7020 points. We shall be alarmed in the event 7007 now breaks, thanks to our immediate drop target calculating at 6984 points. If broken, secondary computes at 6906. Hopefully, if this scenario triggers, it doesn’t all happen in a single day.
There is a chance Thursdays low of 7020 shall be deemed “bottom” with the result a rebound could occur on Friday. It closed Thursday at 7059 points, needing only above 7098 points to tick the first “bottom is in” box. Above 7098 allows recovery to an initial comfortable looking 7156 points. If exceeded, secondary comes along at 7246 points. The initial ambition would imply a coming bonk against the immediate downtrend. But if bettered, nearly another 100 points will make a lot of visual sense.
We remain a little suspicious over this reversal. A drop at the end of July / start August is fairly normal, as is a surprise recovery which lasts through to September and the end of the holiday season. On this occasion, the market has certainly retreated further than we’d like but unless 7007 breaks, some hope exists for recovery soon.
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 |
|
9:46:42PM |
BRENT |
58.12 |
57.43 |
56.63 |
58.77 |
59.2 |
59.44 |
58.36 |
‘cess | ||
|
9:49:59PM |
GOLD |
1524.74 |
1512 |
1510 |
1521 |
1527 |
1531 |
1516 | |||
|
10:01:43PM |
FTSE |
7082.04 |
7001 |
6949.5 |
7143 |
7145 |
7190.5 |
7061 |
‘cess | ||
|
10:03:55PM |
FRANCE |
5237 |
5169 |
5129 |
5263 |
5283 |
5316 |
5202 |
‘cess | ||
|
10:28:39PM |
GERMANY |
11432 |
11340 |
11254.5 |
11480 |
11505 |
11582.5 |
11346 |
‘cess | ||
|
10:30:16PM |
US500 |
2851 |
2816 |
2801 |
2855 |
2870 |
2876.5 |
2833 |
‘cess | ||
|
10:32:43PM |
DOW |
25603 |
25227 |
25110 |
25600 |
25716 |
25863 |
25409 |
‘cess | ||
|
10:36:41PM |
NASDAQ |
7500 |
7419 |
7369 |
7507 |
7540 |
7584.25 |
7443 |
‘cess | ||
|
10:39:16PM |
JAPAN |
20358 |
20160 |
20069.5 |
20303 |
20513 |
20555 |
20310 |
‘cess |