FTSE for Friday (FTSE:UKX) Once again, something quite curious happened with the FTSE, this time providing what we think it a “teachable moment” with the index value. We very rarely decorate our articles with minute-by-minute charts, not because we don’t use them but because we do! And it’s usually impossible to highlight whatever we’re moaning about.
Thursday did something different and for a change, we can explain it in English.
When the FTSE dived below 7584 just before 9am, it created a set of circumstances where we expected the index to bounce around 7550 points. By 9.30am, it was clear the 7550 level wasn’t going to hold, creating a scenario where an overall retreat toward the 7400 level became possible. After all, the market had broken the easily defined uptrend since August 21st and worse, had exceeded our initial drop target. All things considered, it looked like the UK index faced a pretty vile reversal cycle. Making matters worse, once the index broke our 7550 target, it recovered, precisely banged against this target level and said “nope”, dropping further next time, reaching a low of 7524 points.
We started to suspect a dreadful afternoon was ahead, once the USA decided to inflict whatever set of dire figures they had tucked away.
But by 11am, the market recovered, once again above the 7550 level and this time looking keen to make its own way in the world, regardless of how many of our boxes it ticked. And just after 3pm, the FTSE exceeded the level of previous trend break at 7584, ticking yet another box, one which claims all previous drop characteristics were fakes. This is usually a fairly reliable signal and when, at 4pm, the market clawed its way once again above the Red uptrend on the chart, we were left with little choice but to anticipate further recovery for the market.
It was, from our perspective, all a little strange and reminding of a deliberate curved ball to fool everyone. We’re inclined to suspect Friday shall provide “surprise” recovery for London.
Now, we can review the Blue downtrend on the chart, one which dates back to February of this year and a chalk mark the index seems to be paying attention to. At time of writing, to exceed Blue, the index needs exceed around 7676.122 points. Near term, above 7606 points calculates with the potential of a lift to 7652 points. If exceeded, our secondary works out at 7681 points. The brightest thing about this scenario is the availability of a reasonably tight stop loss at 7584 points, the level of yesterdays trend break.
We’re aware this secondary target level implies the potential for the index to rejoin the sunny side of life above Blue on the chart, working out with a reasonable longer term chance at 7750 points and perhaps beyond.
Our alternate scenario has the pleasure of standing on a bit of Lego with bare feet. Below 7524 should be dangerous, now allowing for weakness to an initial 7480 points with secondary, if broken, at an eventual 7392 points and hopefully a trampoline level.
Have a good weekend. Has anyone noticed the Met Office appear to be starting this winter with “Clickbait” headlines? We expected 60mph winds last night and should have guessed the contrary would be true, due to not a single boat owner moving their craft to safe haven across at the local marina.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 9:39:34PM | BRENT | 9290 | 9252 | 9148 | 9346 | 9457 | 9526 | 9253 | Shambles | ||
| 9:42:22PM | GOLD | 1865.35 | 1858 | 1851 | 1881 | 1881 | 1885 | 1871 | ‘cess | ||
| 9:58:40PM | FTSE | 7613.2 | 7553 | 7526 | 7588 | 7624 | 7649 | 7599 | Shambles | ||
| 10:01:10PM | STOX50 | 4164.6 | 4107 | 4085 | 4173 | 4173 | 4185 | 4153 | ‘cess | ||
| 10:03:37PM | GERMANY | 15350 | 15137 | 15018 | 15372 | 15377 | 15414 | 15308 | ‘cess | ||
| 10:06:36PM | US500 | 4303.7 | 4288 | 4262 | 4314 | 4319 | 4325 | 4288 | ‘cess | ||
| 10:09:03PM | DOW | 33704 | 33603 | 33556 | 33705 | 33791 | 33872 | 33591 | Shambles | ||
| 10:11:30PM | NASDAQ | 14719.4 | 14575 | 14537 | 14692 | 14761 | 14798 | 14688 | Shambles | ||
| 10:14:42PM | JAPAN | 32005 | 31676 | 31230 | 32080 | 32081 | 32120 | 31965 | ‘cess |
28/09/2023 FTSE Closed at 7601 points. Change of 0.11%. Total value traded through LSE was: £ 5,262,711,869 a change of -1.95%
27/09/2023 FTSE Closed at 7593 points. Change of -0.42%. Total value traded through LSE was: £ 5,367,119,674 a change of 0.5%
26/09/2023 FTSE Closed at 7625 points. Change of 0.01%. Total value traded through LSE was: £ 5,340,510,819 a change of -24.76%
25/09/2023 FTSE Closed at 7624 points. Change of -0.77%. Total value traded through LSE was: £ 7,097,867,582 a change of -9.65%
22/09/2023 FTSE Closed at 7683 points. Change of 0.07%. Total value traded through LSE was: £ 7,855,931,745 a change of 26.88%
21/09/2023 FTSE Closed at 7678 points. Change of -0.69%. Total value traded through LSE was: £ 6,191,643,124 a change of 28.33%
20/09/2023 FTSE Closed at 7731 points. Change of 0.93%. Total value traded through LSE was: £ 4,824,861,883 a change of -0.46%
SUCCESS above means both FAST & SLOW targets were met. ‘CESS means just the FAST target met and probably the next time it is exceeded, movement to the SLOW target shall commence.
Our commentary is in two sections. Immediately below are today’s updated comments. If our commentary remains valid, the share can be found in the bottom section which has a RED heading. Hopefully, this will mean you no longer need to flip back through previous reports. HYPERLINKS DISABLED IN THIS VERSION
Please remember, all prices are mid-price (halfway between the Buy and Sell). When we refer to a price CLOSING above a specific level, we are viewing the point where we can regard a trend as changing. Otherwise, we are simply speculating on near term trading targets. Our website is www.trendsandtargets.com.
UPDATE. We often give an initial and a secondary price. If the initial is exceeded, we still expect it to fall back but the next time the initial is bettered, the price should continue to the secondary. The converse it true with price drops.
We can be contacted at info@trendsandtargets.com. Spam filters set to maximum so only legit emails get through…
Section One – Outlook Updated Today. Click here for Section Two – Outlook Remains Valid shares
Click Epic to jump to share: LSE:AML Aston Martin** **LSE:BP. BP PLC** **LSE:CBX Cellular Goods** **LSE:CEY Centamin** **LSE:DGE Diageo** **LSE:ECO ECO (Atlantic) O & G** **LSE:EXPN Experian** **LSE:EZJ EasyJet** **LSE:JET Just Eat** **LSE:MMAG Music Magpie** **LSE:SPT Spirent Comms** **LSE:SPX Spirax** **LSE:ZOO Zoo Digital** **
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Updated charts published on : Aston Martin, BP PLC, Cellular Goods, Centamin, Diageo, ECO (Atlantic) O & G, Experian, EasyJet, Just Eat, Music Magpie, Spirent Comms, Spirax, Zoo Digital,
LSE:AML Aston Martin Close Mid-Price: 261 Percentage Change: -0.99% Day High: 262.8 Day Low: 256.8
Target met. If Aston Martin experiences continued weakness below 256.8, i ……..
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View Previous Aston Martin & Big Picture ***
LSE:BP. BP PLC. Close Mid-Price: 541.1 Percentage Change: + 0.48% Day High: 549.6 Day Low: 537.2
Target met. In the event of BP PLC enjoying further trades beyond 549.6, ……..
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View Previous BP PLC & Big Picture ***
LSE:CBX Cellular Goods Close Mid-Price: 0.42 Percentage Change: -10.53% Day High: 0.48 Day Low: 0.42
Target met. If Cellular Goods experiences continued weakness below 0.42, ……..
</p
View Previous Cellular Goods & Big Picture ***
LSE:CEY Centamin Close Mid-Price: 83.15 Percentage Change: -0.18% Day High: 83.75 Day Low: 82.1
Target met. Weakness on Centamin below 82.1 will invariably lead to 77p w ……..
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View Previous Centamin & Big Picture ***
LSE:DGE Diageo. Close Mid-Price: 3038 Percentage Change: + 0.53% Day High: 3054.5 Day Low: 2997.5
Target met. In the event Diageo experiences weakness below 2997.5 it calc ……..
</p
View Previous Diageo & Big Picture ***
LSE:ECO ECO (Atlantic) O & G Close Mid-Price: 11.12 Percentage Change: -5.32% Day High: 11.75 Day Low: 11.12
Target met. Continued weakness against ECO taking the price below 11.12 c ……..
</p
View Previous ECO (Atlantic) O & G & Big Picture ***
LSE:EXPN Experian. Close Mid-Price: 2670 Percentage Change: + 0.34% Day High: 2672 Day Low: 2619
Weakness on Experian below 2619 will invariably lead to 2565p with second ……..
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View Previous Experian & Big Picture ***
LSE:EZJ EasyJet Close Mid-Price: 418.1 Percentage Change: -0.12% Day High: 418.2 Day Low: 405.2
Weakness on EasyJet below 405.2 will invariably lead to 403p with seconda ……..
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View Previous EasyJet & Big Picture ***
LSE:JET Just Eat Close Mid-Price: 1001 Percentage Change: -0.79% Day High: 999.5 Day Low: 970.5
Continued weakness against JET taking the price below 970.5 calculates as ……..
</p
View Previous Just Eat & Big Picture ***
LSE:MMAG Music Magpie. Close Mid-Price: 21.5 Percentage Change: + 10.26% Day High: 23.5 Day Low: 18.95
Continued trades against MMAG with a mid-price ABOVE 23.5 should improve ……..
</p
View Previous Music Magpie & Big Picture ***
LSE:SPT Spirent Comms Close Mid-Price: 135.3 Percentage Change: -1.81% Day High: 137.6 Day Low: 131.3
Target met. Weakness on Spirent Comms below 131.3 will invariably lead to ……..
</p
View Previous Spirent Comms & Big Picture ***
LSE:SPX Spirax. Close Mid-Price: 9418 Percentage Change: + 1.31% Day High: 9402 Day Low: 9166
If Spirax experiences continued weakness below 9166, it will invariably l ……..
</p
View Previous Spirax & Big Picture ***
LSE:ZOO Zoo Digital Close Mid-Price: 41.2 Percentage Change: -20.77% Day High: 42.5 Day Low: 27.5
Target met. In the event Zoo Digital experiences weakness below 27.5 it c ……..
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View Previous Zoo Digital & Big Picture ***