#FreeFirstFutures A week with a FTSE being underwhelmed by UK political decline appears to be finally responding in true Halloween fashion – scary but not really! It doesn’t even look like we shall find our hallowed leaders body in a ditch, despite his preferred method of exit in the absence of Brexit. Trump & Clinton once did a televised debate, managing avoid noticing viewers found both of them abhorrent. It looks like the UK’s political leaders are intending embrace similar levels of self delusion but it’s not supposed to be this way, is it? Voting papers should have a “None Of The Above” option to ensure career politicians do not win by default.
The market has spent the last 5 sessions flirting with the 7330 level for some reason. Now, it feels like some reversal is almost upon us and oddly, the key trigger level looks like 7,234 points. We cannot understand why this has happened but the situation presently appears to suggest only if the index moves more than 100 points from its previous parking level should we believe more reversal is upon us.
The market closed Thursday at 7,248 points. Now below 7,230 and we expect reversal to an initial 7,211 points. If broken, secondary calculates at 7,183 points. And if triggered, the tightest stop appears to be quite reasonable at 7,272 points.
The alternate scenario appears to be at 7,281 as movement above this trigger is supposed to be capable of a truly unimpressive 7,294 points. If bettered, our secondary calculation comes in at 7,317 points. If triggered, the tightest stop looks like 7,245 points.
For light relief, we’ve shown some bigger picture targets, suggesting target levels if “it all goes wrong – or right”. To be blunt, unless the FTSE experiences a miracle and starts trading above the aforementioned 7,330’s again, it’s now trading in a region with a bottom at 6,594 points eventually. If it were a share, we’d already assume that’s where the price intends head. Amazingly, it would suggest a return to the FTSE level the year started with, along with a strong hint we forget 2019 even happened.
Have a good weekend, it’s time for Austin, Texas & Formula 1, hopefully the UK driver Hamilton winning his 6th world title. (Though everyone knows it’s really his 7th)
Time Issued |
Market |
Price At Issue |
Short Entry |
Fast Exit |
Slow Exit |
Stop |
Long Entry |
Fast Exit |
Slow Exit |
Stop |
Prior |
10:10:39PM |
BRENT |
59.49 |
59.1 |
58.895 |
60.8 |
60.52 |
60.78 |
59.6 |
‘cess | ||
10:12:40PM |
GOLD |
1512.31 |
1496 |
1490 |
1509 |
1514.1 |
1518.5 |
1499 |
Success | ||
10:15:02PM |
FTSE |
7261.8 |
7238 |
7216 |
7272 |
7281 |
7289 |
7243 |
Success | ||
10:18:04PM |
FRANCE |
5740.7 |
5717 |
5684 |
5757 |
5768 |
5777.5 |
5721 | |||
10:28:10PM |
GERMANY |
12889.28 |
12793 |
12768.5 |
12902 |
12923 |
12961 |
12851 |
Shambles | ||
10:30:19PM |
US500 |
3036 |
3021 |
3014 |
3040 |
3053 |
3060 |
3028 | |||
10:38:31PM |
DOW |
27034 |
26933 |
26868 |
27068 |
27235 |
27296.5 |
26951 |
Success | ||
10:43:38PM |
NASDAQ |
8079 |
8015 |
7991 |
8092 |
8133 |
8146 |
8046 |
‘cess | ||
10:46:09PM |
JAPAN |
22703 |
22650 |
22598.5 |
22813 |
22846 |
22894.5 |
22730 |
‘cess |