#FTSE #Gold We could start by saying the FTSE is heading toward 8,726 points, a world beating ambition placing the UK market is the same playground as Germany, Japan, and the USA. Unfortunately, just because we can calculate such a potential does not mean we shouldn’t even adhere to the reality of the situation. Unlike many other markets, the UK has failed to better its pre-Covid-19 levels, in fact not even coming close. When the UK PM is on TV, spouting “World Beating” empty slogans, real world Britain is performing quite dreadfully in every area which matters, perhaps aside from meaningless levels of propaganda.
It’s difficult to find a UK problem without quickly realising the core reason, lack of political will or competence! Even the 12 month late initiative at UK airports, demanding proof of a Covid test prior to allowing potentially plague ridden passengers entry, turns out to be remarkably inept.
“No test, that’ll be a 500 quid fine. Thank you. Enjoy your stay!”
To convince us the FTSE intends some proper recovery, the market needs trade above 7,290 currently. Given the index performance so far this year, we’re unable to see indications the UK intends head to this trigger level anytime soon. Quite the converse, if we’re honest as most trading days in 2021 are showing slow and painful declines in the FTSE 100, while other countries are having a party to which the UK isn’t invited.
Shall it be the case the FTSE sober approach to market gains in the face of Covid, Brexit, and Boris may prove the route of wisdom with other countries suddenly experiencing unexpected declines. In some ways, this isn’t as silly a suggestion as it first appeared, if only due to Wall St calculating with a good reason for hesitation around 31,200 points, the current level.
Near term, FTSE traffic below 6,688 looks like an issue, capable of triggering reversals to an initial 6,635 points. If broken, our secondary for the longer term (or later in the session!) works out at 6,564 points. The tightest stop, if triggered, is at 6,730 points.
The other side of the coin demands the index move above 6,763, a tripwire allegedly capable of provoking movement toward an initial 6,792 points. If exceeded, our secondary calculation comes in at 6,835 points and yet another challenge of the Blue downtrend on the chart.
Have a good weekend and remember, the bright side tells us there are only 65 days until the Formula One season returns in Bahrain.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 10:56:06PM | BRENT | 56.16 | 55.38 | 55.04 | 56 | 56.15 | 56.395 | 55.5 | |||
| 11:05:18PM | GOLD | 1870 | 1858 | 1849 | 1872 | 1875 | 1884 | 1858 | |||
| 11:06:50PM | FTSE | 6732 | 6704 | 6683.5 | 6732 | 6772 | 6783.5 | 6742 | |||
| 11:08:45PM | FRANCE | 5595.2 | 5573 | 5551 | 5618 | 5626 | 5640 | 5599 | ‘cess | ||
| 11:11:08PM | GERMANY | 13935 | 13876 | 13828.5 | 13950 | 14003 | 14029 | 13940 | ‘cess | ||
| 11:14:03PM | US500 | 3854.12 | 3839 | 3831 | 3862 | 3865 | 3879.25 | 3843 | |||
| 11:18:56PM | DOW | 31147 | 31118 | 31094 | 31211 | 31274 | 31314 | 31160 | ‘cess | ||
| 11:21:45PM | JAPAN | 28623 | 28493 | 28407 | 28678 | 28700 | 28762 | 28550 | ‘cess |