Free 1st Move Friday! Thursday appears to have produced a fairly important milestone in the Brexit saga, an episode of UK history which deserves its own theme tune. Perhaps a smart producer will hijack the “Jaws” tune and introduce real drama. The milestone? For me, it was the day I completely lost any understanding of what’s going on politically. In doing so, it’s possible I joined an entire parliament full of politicians in the land of clueless!
On Thursday, the FTSE should have reached 7333 and no higher. We’d a fairly big rule demanding some hesitation at the 7333 level but the market decided it had better ideas. It peaked at 7338 before a very slight fallback. In doing so, it introduced an argument which favours movement now above 7339 as being capable of 7358 next. If exceeded, our secondary calculation comes in at a less likely 7394 points.
To be honest, if anyone figures out what the politicians are up to and decides it’s good news, the index could easily accelerate to 7474 points, a point where once again we’d expect some serious hesitation.
Assuming the market nudges beyond 7339 points, the index would need slip below 7292 points to give the first indication it’s all going wrong. This makes for a reasonable stop loss level, given the potential collection of points.
If the index does slip below 7292, this risks triggering weakness down to an initial 7252 points. If broken, secondary calculates at a trend testing 7195 points.
This week, every single session has been prefixed with market movements suggesting the next day “almost must” move in a specific direction. As a result, the following day generally enacts the precise opposite of anything demanded by logic. It all leads to Friday, a day which clearly suggests another UP day is in store for the FTSE. Therefore, we shall not be surprised to witness relaxation to 7195 commence. Idiots appear to have taken over the asylum – or Westminster.
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:42:41PM | BRENT | 61.32 | 60.4 | 60.21 | 61.5 | 61.825 | ‘cess | ||||
| 10:44:26PM | GOLD | 1504.62 | 1487 | 1485.5 | 1505 | 1509 | Success | ||||
| 10:58:17PM | FTSE | 7321 | 7252 | 7216.5 | 7339 | 7353.75 | Success | ||||
| 11:00:22PM | FRANCE | 5689.7 | 5649 | 5640 | 5394 | 5701.5 | ‘cess | ||||
| 11:02:13PM | GERMANY | 12858 | 12801 | 12766.5 | 12915 | 13007.25 | Success | ||||
| 11:04:08PM | US500 | 3005.42 | 2999 | 2996.5 | 3016 | 3024 | ‘cess | ||||
| 11:05:58PM | DOW | 26817.9 | 26710 | 26654 | 26880 | 26926 | Shambles | ||||
| 11:07:29PM | NASDAQ | 7924.12 | 7905 | 7882.5 | 7977 | 7986 | ‘cess | ||||
| 11:09:15PM | JAPAN | 22794 | 22713 | 22680.5 | 22860 | 22915.25 |
