FTSE for FRIDAY 22/05/2020

#FTSE #Gold The 8 o’clock NHS clap arrived, heralded by the sound of ships horns in the sea loch outside. To be honest, since inception, the event has been completely forgotten every week but tonight, while studying FTSE movements, an open office door ensured this gesture of support was actually remembered, belatedly.

 

The sound of ships horns aroused curiosity, apparently the sheltered sea lochs in Argyll are hosting several superyachts, their owners opting to ride out Covid-19 in an area enjoying reasonable weather (only at this time of year). These vessels arrived, dropped anchor, turned off their location beacons, and are completely ignored. However, a few helicopters leave Glasgow Airport in the evening, their radar tracks ceasing on arrival at a floating destination. It must be hell for those unfortunate folk, trapped on a luxury yacht and only able to travel by chopper! We wonder if these vessels tooted their support for NHS staff?

 

Of course, this has nothing to do with the FTSE except, like the sleeping superyachts, the market appears somewhat becalmed. When we drill down to “minute by minute” FTSE movements since the Coronavirus Pandemic hit its (initial?) bottom in March, something quite fascinating appears. We can calculate a Glass Ceiling at 6,103 points and surprisingly, the market seems to acknowledge it’s there, despite Covid-19 hysterics mixed with the UK PM and his amazing invisibility cloak.

Back in April, the FTSE managed to actually close a session above 6,103 points and again, on May 19th, the FTSE was spiked in the opening second above this level. While neither movement was to prove viable in generating recovery, they each contributed to our calculation which highlights 6,103 as something important. As a result, the situation now suggests CLOSURE above 6,103 or movement above 6,155 (the high from April) and we shall now regard the FTSE as heading up to an initial 6,450 with secondary, if bettered, at 6,650 and a strong suggestion of some hesitation.

Hey, chart goes here

 

To return to the immediate, how does Friday look? Quite an intimidating number of folk view this weekly report and a market experiencing a 100 point trading range for the last week certainly makes us nervous.

Near term, movement above 6094 points is supposed to promote recovery to a useless initial 6120 points. If exceeded, secondary calculates at 6149 points though, there is a very real chance any positive mood on the market could continue a drive up to 6186 points.

The alternate scenario allows for weakness next below 6,000 points driving reversal to 5962 initially with secondary, if broken, at 5915 points. As the chart below, neither ambition is particularly threatening with the UK market needing break below 5,800 to justify visiting the underwear department, when next doing on-line shopping.

Or is it online shopping? The internet has brought some really sneaky changes, this being a prime example of language evolving. Unfortunately, finger memory tends ensure the original “correct” spelling is typed without question!

Hey, chart goes here

 

FUTURES

Time Issued Market Price At Issue Short Entry Fast Exit Slow Exit Stop Long Entry Fast Exit Slow Exit Stop Prior
10:26:24PM BRENT 36.35 36 35.555 36.59 37.16 37.47 35.25 ‘cess
10:28:25PM GOLD 1727.32 1716 1709 1736 1744 1755 1727 Success
10:30:32PM FTSE 6015.74 5999 5973.5 6039 6098 6135.5 6015 Sorry
10:32:19PM FRANCE 4452 4432 4415 4465 4503 4536 4453
10:34:50PM GERMANY 11062 11033 10997 11103 11115 11140.5 11067 ‘cess
10:37:45PM US500 2943.52 2936 2929 2960 2963 2970 2944 ‘cess
10:40:03PM DOW 24451 24354 24270.5 24529 24598 24664.5 24433 Shambles
10:58:25PM NASDAQ 9370 9354 9329.5 9430 9467 9481.5 9391 Shambles
11:00:30PM JAPAN 20474 20441 20337 20603 20695 20783 20500

 

21/05/2020 FTSE Closed at 6015 points. Change of -0.86%. Total value traded through LSE was: £ 6,663,000,786 a change of 12.03%
20/05/2020 FTSE Closed at 6067 points. Change of 1.08%. Total value traded through LSE was: £ 5,947,398,391 a change of 10.61%
19/05/2020 FTSE Closed at 6002 points. Change of -0.76%. Total value traded through LSE was: £ 5,376,891,155 a change of -9.59%
18/05/2020 FTSE Closed at 6048 points. Change of 4.29%. Total value traded through LSE was: £ 5,947,351,021 a change of 14.48%
15/05/2020 FTSE Closed at 5799 points. Change of 1.01%. Total value traded through LSE was: £ 5,195,107,449 a change of -15.28%
14/05/2020 FTSE Closed at 5741 points. Change of -2.76%. Total value traded through LSE was: £ 6,132,234,871 a change of 5.73%
13/05/2020 FTSE Closed at 5904 points. Change of -1.5%. Total value traded through LSE was: £ 5,799,712,485 a change of 7.88%

 

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