#Gold #Japan Amongst all the doom, gloom, and travel restrictions, quite a few jokes have served brighten the day. Today, the thing which brought the biggest smile was a Prince Charles Joke despite the FTSE achieving another strong up day (and meeting our initial target level).
Prince Charles is in self-isolation at Balmoral with Covid-19. Prince Andrew is in self-isolation at Royal Lodge, Windsor, with Britney-16…
We expressed curiosity over Tuesdays mystery movement on the FTSE, 80 points tacked onto the days trading once the market closed for the day. This followed through and Wednesday morning presented a “gap up” on the market. However, despite achieving a successful 156 point rise to our initial target level of 5616, our secondary at 5799 proved elusive, the day reaching 5741 before fading.
This was pretty firmly in line with our warning; ‘ expect a rise to fade before the secondary.‘ and confirms the risk of the overall market remaining in a downtrend.
For today, Thursday, we’re supposed to believe further rises are ahead, none of which we shall risk treating as real unless the market makes it above 5713 points. Such a scenario currently points at the potential of growth to an initial 5800 points with secondary, if better, at a downtrend testing 5800 points. Quite why the index calculates with 100 point movements utterly defeats us.
Unfortunately, it feels more likely some reversal is coming, if only due to the index fading before our 5799 calculation. This results in a game, where the index needs below 5400 to justify a raised eyebrow, along with reversal to 5251 points. Below this and we’re looking at 5053 points. Visually, this will undo the benefit of the last two sessions.
It’s perhaps worth remembering the US Weekly jobs figures are published on Thursday. With many businesses closed for the duration, a spike is jobless is expected, one which will doubtless be used to goose the markets.
|Time Issued||Market||Price At Issue||Short Entry||Fast Exit||Slow Exit||Stop||Long Entry||Fast Exit||Slow Exit||Stop||Prior|
25/03/2020 FTSE Closed at 5688 points. Change of 4.44%. Total value traded through LSE was: £ 9,386,988,784 a change of 9.28%
24/03/2020 FTSE Closed at 5446 points. Change of 9.07%. Total value traded through LSE was: £ 8,589,991,645 a change of -7.97%
23/03/2020 FTSE Closed at 4993 points. Change of -3.8%. Total value traded through LSE was: £ 9,333,810,024 a change of -32.33%
20/03/2020 FTSE Closed at 5190 points. Change of 0.76%. Total value traded through LSE was: £ 13,793,008,167 a change of 30.09%
19/03/2020 FTSE Closed at 5151 points. Change of 1.4%. Total value traded through LSE was: £ 10,602,721,602 a change of 9.14%
18/03/2020 FTSE Closed at 5080 points. Change of -4.04%. Total value traded through LSE was: £ 9,714,451,101 a change of 6.42%
17/03/2020 FTSE Closed at 5294 points. Change of 2.78%. Total value traded through LSE was: £ 9,128,689,221 a change of -13.38%
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