The #FTSE Panic for 3/10/2019?

#DOW #BRENT ‘Pennyworth’, an absurd TV ’60’s drama, remains “on point”, their fictional English Queen asking how to remove the PM the same week it was reported the real Queen was doing the same. Following the Brexit vote and Boris’s leave campaign, the FTSE dropped by 550 points. Unlike 2nd Oct, that particular movement was quite artificial as the action happened in the opening seconds of the day with share prices lowered to provide attractive entry points.

This time, the FTSE feels like more relaxation’s ahead. After all, the volatility was “only” 240 points and matched sessions in both Feb & Dec last year.

The immediate bottom line is of weakness below 7119 suggesting coming travel down to an initial 7053 points. If broken, secondary is at 7027 points and a level where the index almost must rebound. If chasing a bounce from this target level, the tightest stop calculates at 6982 points, so ensure clean underwear is available!

There’s a very real problem if 6982 breaks. The market will achieve a series of “lower lows” and stumble into territory with a, hopefully, ultimate bottom intention at 6730 points. We can, of course, calculate lower but have considerable trouble reaching below 6600 points. Just for a giggle, we drew the uptrend since the market crash of 2009 and guess what, it intersects with the 6,600 ambition anytime soon. Hopefully this shall just prove coincidence.

Usually a hysterical fall such as experienced is matched by a rise the following day. Given the state of market futures this evening, we’re far from confident this shall be the case. The index closed the session at 7127 points, needing above 7154 to hint a rise may prove real. In such an event, our initial target is at 7194 points with secondary, if bettered, a more useful sounding 7238 points.

FUTURES

Time Issued

Market

Price At Issue

Short Entry

Fast Exit

Slow Exit

Stop

Long Entry

Fast Exit

Slow Exit

Stop

Prior

10:15:41PM

BRENT

57.54

57.16

56.68

54.23

59.6

59.44

60.235

61.26

58.2

‘cess

10:18:11PM

GOLD

1500.12

               

Success

10:31:23PM

FTSE

7106

               

Success

10:35:05PM

FRANCE

5421.2

               

Success

10:40:02PM

GERMANY

11916.4

               

Success

10:53:13PM

US500

2885.67

               

Success

10:58:02PM

DOW

26078

25960

25810

25652

26161

26236

26261.5

26362

26027

Success

11:01:04PM

NASDAQ

7545.27

               

Success

11:03:52PM

JAPAN

21374

               

Success

2/10/2019 FTSE Closed at 7122 points. Change of -3.23%. Total value traded through LSE was: £ 6,496,135,228 a change of -7.41%

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