#FTSE #WallSt As the entertainment from North America continues, we’re about ready to wind up our USA features in this headline section. Unless, of course, the shambles continues over the weekend and the country accidentally elects Kermit the Frog as president instead! Certainly, a Muppet as president would surely exhibit better communication skills than many in the media as they’ve stumbled through coverage of the election. Surely questions must be asked of those who predicted civil war should “the wrong” candidate win the vote?
An abiding memory from April came from media coverage of Covid-19 in New York, camera’s lovingly caressing images of a mass grave as unclaimed bodies from morgues were interred during the panic. The impression given was of a country unable to cope with events but the reality made a bit more sense. This event occurs fairly frequently in New York and prisoners from nearby Rikers Island jail even have a set pay rate established to bury unclaimed bodies. Similarly, in the UK, we’d to witness TV images of disasters unfolding in Spain and Italy while friends in these countries reacted with shock, when asked about the stories. They were pretty sure they’d know about convoys of military trucks carrying coffins.
The Dow Jones completed Thursday, looking a bit underwhelmed by all the scare stories. Instead, Wall St looks poised for movement to new all time highs and this, perhaps, should be the real shock given the much publicised 2nd Wave of the pandemic. As someone without an effective immune system, this is obviously a worry but realistically, maintaining levels of paranoia has been relatively easy, thanks to living in the countryside of Scotland where people scarcity is the norm.
For Wall St, movement next above 28,500 points looks capable of driving market growth to an initial 29,287 points. This comes very close to challenging the previous all time market high in February this year and despite the visuals suggesting a potential glass ceiling, we’re not convinced. Moves above 29,287 should prove capable of attaining 30,552 points eventually, yet another all time high and a remarkable feat for such a tragic year as 2020. A small fly in the ointment is presented by the Red line on the chart. The index required to CLOSE the session on 5th November above 28,427 points. Despite a day high above this level, the market closed at 28,390 points and slightly below the line.
Perhaps some doubt remains as to which Muppet the US intends elect…
FTSE for FRIDAY (FTSE:UKX) Quite remarkably, the FTSE has exhibited similar behaviour to The Dow Jones in respecting its Red uptrend since the Covid-19 drop in March. There are even very early signs a true market rally is nearly upon us, the logic behind which totally defeats. The immediate situation is fairly impressive.
Movement next above 5934 points should prove capable of lifting the market to an initial 5970 points. If exceeded, our “longer term” secondary (aka maybe later that day) calculates at 6088 points. The secondary is pretty important, placing the UK index in a zone where a further 100 point lift to 6188 becomes expected. But critically, the market absolutely must close a session above 6088 to permit untrammelled optimism for the future. While visually this argument may not make sense, our software is showing 6088 as a “red flag” level which must be beaten.
If things intend go horribly wrong, the FTSE needs reverse below 5825 to give the first sign of trouble ahead, allowing reversal to commence to an initial 5777 points. If broken, our secondary calculates down at 5680 points.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:57:11PM | BRENT | 40.87 | 40.43 | 40.185 | 41.4 | 41.62 | 42.06 | 40.3 | |||
| 10:59:52PM | GOLD | 1949 | 1924 | 1917 | 1948 | 1953 | 1963 | 1926 | Success | ||
| 11:02:00PM | FTSE | 5899.64 | 5835 | 5803 | 5891 | 5932 | 5944 | 5874 | ‘cess | ||
| 11:04:18PM | FRANCE | 4971 | 4940 | 4925.5 | 4986 | 5000 | 5018.5 | 4954 | ‘cess | ||
| 11:06:34PM | GERMANY | 12523 | 12251 | 12185 | 12397 | 12590 | 12730 | 12477 | Success | ||
| 11:17:52PM | US500 | 3510 | 3459 | 3449.5 | 3488 | 3529 | 3558.5 | 3479 | ‘cess | ||
| 11:20:22PM | DOW | 28405 | 27937 | 27801.5 | 28200 | 28505 | 28594.5 | 28220 | ‘cess | ||
| 11:22:34PM | NASDAQ | 12081 | 11912 | 11885.5 | 12109 | 12142 | 12272 | 11983 | ‘cess | ||
| 11:24:35PM | JAPAN | 24180 | 23934 | 23759 | 24065 | 24362 | 24433 | 24219 |
5/11/2020 FTSE Closed at 5906 points. Change of 0.39%. Total value traded through LSE was: £ 6,073,393,491 a change of 24.88%
4/11/2020 FTSE Closed at 5883 points. Change of 1.68%. Total value traded through LSE was: £ 4,863,439,336 a change of 7.3%
3/11/2020 FTSE Closed at 5786 points. Change of 2.33%. Total value traded through LSE was: £ 4,532,627,706 a change of 3.31%
2/11/2020 FTSE Closed at 5654 points. Change of 1.38%. Total value traded through LSE was: £ 4,387,376,936 a change of -3.73%
30/10/2020 FTSE Closed at 5577 points. Change of -0.07%. Total value traded through LSE was: £ 4,557,332,693 a change of -12.99%
29/10/2020 FTSE Closed at 5581 points. Change of -0.02%. Total value traded through LSE was: £ 5,237,564,347 a change of -19.16%
28/10/2020 FTSE Closed at 5582 points. Change of -2.55%. Total value traded through LSE was: £ 6,478,792,407 a change of 41.97%