#France #Nasdaq Since Dec 27th, the FTSE has experienced a 100 point range. This feeling of a “trapped market” hopefully has a chance to ease on Friday 17 Jan with the 3rd Friday intra-day auction at 10:15am. This exercise is designed to correct the value of the FTSE 100 index, clearing up any drift. Sometimes, it can also clear the log jam of a stalled market place.
We can hope! The fly in the ointment comes volumes traded through London being pretty low, thanks to the usual holiday malaise and this lack of trading tends ensure the FTSE Index value doesn’t drift too far from reality with little correction required. When this is considered, in conjunction with the lack of any real direction on the London index, we’re slightly lacking in confidence giving numbers today.
The market should be going up but isn’t. Equally, when reversals are triggered, the market is failing to drop.
The immediate situation for the FTSE calculates as follows. Movement now exceeding 7,651 is supposed to generate a loft to an initial 7,678 points, far from impressive. If exceeded, our secondary calculates at 7,729 points.
Alternately, if the FTSE now finds an excuse to stumble below 7,587 points, it’s supposed to experience some reversal to an initial 7,567 points with secondary, if broken, down at 7,539 points. This sort of nonsense keeps the UK market safely constrained within the straightjacket of a trapped market.
It’s almost like the FTSE is awaiting something important happening before showing its hand. As mentioned earlier, the underlying forces are of an upward expectation, the market needing below 7,225 points to force us to question our optimism for the future. Unless something punctures the 7,225 level, there’s a growing series of calculations suggesting the UK could even aspire to a high of 8,300 points sometime this year.
Near term, we’re far from confident with our expectations, suspecting Friday shall bring some reversals. This will even tie in with the index refusing to better BLUE on the chart, the downtrend since 2018.
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 |
10:20:59PM |
BRENT |
64.19 | |||||||||
10:22:43PM |
GOLD |
1553.08 | |||||||||
10:27:23PM |
FTSE |
7624.23 | |||||||||
10:30:49PM |
FRANCE |
6050.5 |
6018 |
6007.5 |
5991 |
6044 |
6052 |
6059 |
6072 |
6024 | |
10:34:42PM |
GERMANY |
13469 |
Shambles | ||||||||
10:38:41PM |
US500 |
3317.32 |
Success | ||||||||
10:41:33PM |
DOW |
29297 |
‘cess | ||||||||
10:47:00PM |
NASDAQ |
9126.12 |
9045 |
9026.5 |
8993 |
9082 |
9127 |
9135 |
9147 |
9060 |
‘cess |
10:49:27PM |
JAPAN |
24087 |
Success |