#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.
|
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 |