#FTSE #Gold With us approaching the last Bank Holiday of the year before Xmas, there’s been plenty of reason to end the week with a grin. News of the new CEO for Starbucks commuting by private jet 1,000 miles from California to Seattle, rather than relocate is a cracker. Just remember this, when you are fined 25p in Scotland for not having a reusable mug for your takeaway coffee! Additionally, it was amusing watching the various, often contradictory, reasons being trotted out for the movement between the US Dollar and UK Sterling. The cause was variously something to do with US interest rates not being cut or perhaps enthusiasm over a forthcoming cut in rates during September. But it may have been treasury bonds or maybe something to do with the Democrats convention in Chicago.
One thing none of them appear to have noticed is the Cable pairing recently broke through the downtrend since since 2007 and it now sits in a zone where our next target level is at 1.3300. Perhaps it shall be the case where the UK will once again announce a rate cut during September.
However, as the month draws to an end, some normality is expected from the Dutch Grand Prix this weekend, doubtless with a wet circuit to judge by weather forecasts. Hopefully this shall lead to an interesting race, along with a viable excuse not to cut our grass here in Argyll.
Returning to the UK and the FTSE, our suspicion of the market finding the idea of breaking above Blue being a difficult concept during August appears to be borne out, the index carefully remaining below the trend line. Presumably, once the grown ups come back from holiday in September, any breakout upward shall prove quite vivid, especially if backed by the UK trying to return interest rates to sane levels. As always, we have a fly in the ointment due to the index spending this week without any “test” of the Blue line, instead remaining just below it. When we see this sort of thing happen with shares, invariably it ends badly, almost as if the markets were trying to sucker traders into opening short positions. Obviously, this sort of thing would never happen as it would call into question the integrity of the marketplace…
Currently, we calculate the FTSE needs exceed 8374 points to discover a route to an initial 8466 points with our longer term secondary, if bettered, at 8649 points. With the FTSE currently around 8290 points, this certainly leaves plenty of room for the market to do nothing before September kicks off. As for where any stop loss level should be, we’re a little clueless as the Risk/Reward computation suggests at least 100 points as a safety net!
Our alternate scenario, if everything is to remain “parked” until the end of the month, allows weakness below 8261 to provoke reversals to an initial 8227 points with our secondary, if broken, at 8177 points. Our conclusion is the markets are like the weather currently, utterly horrid.
Have a good long weekend. We shall return on Tuesday.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 11:23:38PM | BRENT | 7643 | 7529 | 7451 | 7592 | 7773 | 7833 | 7643 | Success | ||
| 10:31:30PM | GOLD | 2484.38 | 2471 | 2464 | 2487 | 2487 | 2492 | 2476 | ‘cess | ||
| 10:35:06PM | FTSE | 8284.2 | 8263 | 8239 | 8282 | 8301 | 8334 | 8275 | ‘cess | ||
| 10:37:39PM | STOX50 | 4869 | 4863 | 4848 | 4879 | 4894 | 4902 | 4871 | Success | ||
| 10:41:00PM | GERMANY | 18465.7 | 18433 | 18388 | 18479 | 18505 | 18513 | 18460 | Success | ||
| 10:44:09PM | US500 | 5583.7 | 5562 | 5539 | 5586 | 5596 | 5602 | 5571 | ‘cess | ||
| 10:47:29PM | DOW | 40785 | 40576 | 40470 | 40750 | 41043 | 41126 | 40853 | Success | ||
| 10:51:48PM | NASDAQ | 19553 | 18461 | 19452 | 19590 | 19655 | 19712 | 19532 | Success | ||
| 10:55:29PM | JAPAN | 38169 | 37953 | 37704 | 38212 | 38314 | 38330 | 38093 | ‘cess |
22/08/2024 FTSE Closed at 8288 points. Change of 0.06%. Total value traded through LSE was: £ 4,714,962,713 a change of -13.14%
21/08/2024 FTSE Closed at 8283 points. Change of 0.12%. Total value traded through LSE was: £ 5,428,290,323 a change of 49.7%
20/08/2024 FTSE Closed at 8273 points. Change of -0.99%. Total value traded through LSE was: £ 3,626,221,676 a change of -7.78%
19/08/2024 FTSE Closed at 8356 points. Change of 0.54%. Total value traded through LSE was: £ 3,932,181,241 a change of -1.04%
16/08/2024 FTSE Closed at 8311 points. Change of -0.43%. Total value traded through LSE was: £ 3,973,574,909 a change of -9.98%
15/08/2024 FTSE Closed at 8347 points. Change of 0.8%. Total value traded through LSE was: £ 4,413,998,964 a change of 1.84%
14/08/2024 FTSE Closed at 8281 points. Change of 0.56%. Total value traded through LSE was: £ 4,334,159,938 a change of 16.54% 
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:BP. BP PLC** **LSE:FGP Firstgroup** **LSE:IGG IG Group** **LSE:JET Just Eat** **LSE:PHP Primary Health** **LSE:SBRY Sainsbury** **LSE:TSCO Tesco** **
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Updated charts published on : BP PLC, Firstgroup, IG Group, Just Eat, Primary Health, Sainsbury, Tesco,
LSE:BP. BP PLC Close Mid-Price: 426.2 Percentage Change: -0.98% Day High: 429.85 Day Low: 424.55
In the event BP PLC experiences weakness below 424.55 it calculates with ……..
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View Previous BP PLC & Big Picture ***
LSE:FGP Firstgroup Close Mid-Price: 157.8 Percentage Change: -2.29% Day High: 164.2 Day Low: 158.7
This seems to be adhering to a downtrend which dates back to 2008, somethi ……..
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View Previous Firstgroup & Big Picture ***
LSE:IGG IG Group. Close Mid-Price: 979.5 Percentage Change: + 0.72% Day High: 984 Day Low: 971.5
All IG Group needs are mid-price trades ABOVE 984 to improve acceleration ……..
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LSE:JET Just Eat. Close Mid-Price: 1120 Percentage Change: + 1.08% Day High: 1144 Day Low: 1120
All Just Eat needs are mid-price trades ABOVE 1144 to improve acceleratio ……..
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View Previous Just Eat & Big Picture ***
LSE:PHP Primary Health Close Mid-Price: 98.2 Percentage Change: -0.56% Day High: 99.5 Day Low: 97.35
Continued trades against PHP with a mid-price ABOVE 99.5 should improve t ……..
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View Previous Primary Health & Big Picture ***
LSE:SBRY Sainsbury. Close Mid-Price: 283.2 Percentage Change: + 1.22% Day High: 286.2 Day Low: 279.8
Target met. Further movement against Sainsbury ABOVE 286.2 should improve ……..
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View Previous Sainsbury & Big Picture ***
LSE:TSCO Tesco. Close Mid-Price: 346.6 Percentage Change: + 2.00% Day High: 347.3 Day Low: 340.9
In the event of Tesco enjoying further trades beyond 347.3, the share sho ……..
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View Previous Tesco & Big Picture ***