#Friday #Gold Walking with the dogs on Thursday, trying hard to forget I was going to be required to produce my “Ftse for Friday” article, attempting to give it some accuracy on a Friday which is the last day of the month, some welcome distraction happened. Firstly, in a truly unusual event, the sun came out and illuminated a massive herd of birds doing low flying exercises over the field of hay and wild flowers, presumably harvesting a feast of insects. Secondly, as we meandered through the pastoral scene in a Scottish glen, surrounded by mountains, the background volume came from bagpipes.
The whole thing rapidly felt like a cliché, a vision tourists expect to see and hear, and to be honest, one of the very few times the sound of Scotlands national instrument actually worked really well. Abruptly, the sound stopped, replaced by a stream of really angry profanity. Eventually, the bagpipe music restarted, the unseen player managing to make it past the difficult bit without throwing a tantrum. Eventually, the penny dropped as it’s the Cowal Highland Games this week, a fairly major event locally which has dwindled in popularity due to predatory pricing by the organisers. It used to be the case the area was mobbed in the week of the games, this year the only thing which alerted me was a eloquent piper practising near my dog walk route.
Absolutely no inspiration was provided, other than a suspicion whatever drove the FTSE on Thursday shared some sort of sentiment with my distant piper.
The problem comes from the Blue line on the chart. It looks like a fairly valid downtrend since May of this year and when we ran the numbers against it, the FTSE has to close the session on Thursday above 8379.523 to prove the index is heading up. On Thursday, the FTSE closed at 8379.64 points, above the Blue trend line by just 0.117 of a point. Are we supposed to be wriggling with optimism for Friday?
Our inclination is to play safe, suggesting a scenario where above 8401 points has an initial target of 8457 points, a level where some hesitation looks possible. Should such a level be exceeded, we can calculate a future 8638 points as a valid target. For this, we suspect it shall be dependent on interest rate cuts during September.
However, our alternate scenario for slight reversals feels more possible as weakness below 8336 produces an immediate target at 8322 points with our secondary, if broken, at 8290 points. Such movement would effectively park the index around the level it opened August, creating a situation where “nothing happened” becomes a viable excuse, when the grown ups return from holiday to manage the markets!
On the other hand, it’s the Monza Grand Prix this weekend, generally quite chaotic. The McLaren “Safety Car” has already been crashed and written off, when practising which bodes well for an interesting race.
Have a good weekend.
FUTURES
| Time Issued | Market | Price At Issue | Short Entry | Fast Exit | Slow Exit | Stop | Long Entry | Fast Exit | Slow Exit | Stop | Prior |
| 11:39:05PM | BRENT | 7970.3 | 7706 | 7526 | 7954 | 7954 | 8006 | 7822 | |||
| 11:42:53PM | GOLD | 2520.98 | 2504 | 2499 | 2521 | 2530 | 2534 | 2520 | Success | ||
| 10:48:56PM | FTSE | 8400.4 | 8354 | 8327 | 8390 | 8420 | 8439 | 8393 | ‘cess | ||
| 10:53:19PM | STOX50 | 4946.2 | 4885 | 4854 | 4918 | 4984 | 5038 | 4941 | ‘cess | ||
| 10:57:23PM | GERMANY | 18848.8 | 18752 | 18688 | 18828 | 18974 | 19062 | 18824 | ‘cess | ||
| 11:01:27PM | US500 | 5600.1 | 5585 | 5579 | 5612 | 5648 | 5667 | 5603 | Success | ||
| 11:10:11PM | DOW | 41337 | 41063 | 40837 | 41196 | 41585 | 41640 | 41350 | Success | ||
| 11:15:18PM | NASDAQ | 19378.4 | 19275 | 19265 | 19410 | 19639 | 19815 | 19473 | ‘cess | ||
| 11:18:23PM | JAPAN | 38452 | 38149 | 38080 | 38405 | 38839 | 38946 | 38596 | Success |
29/08/2024 FTSE Closed at 8379 points. Change of 0.43%. Total value traded through LSE was: £ 4,000,918,799 a change of 4.23%
28/08/2024 FTSE Closed at 8343 points. Change of -0.02%. Total value traded through LSE was: £ 3,838,365,101 a change of -20.19%
27/08/2024 FTSE Closed at 8345 points. Change of 0.22%. Total value traded through LSE was: £ 4,809,416,803 a change of 12.18%
26/08/2024 FTSE Closed at 8327 points. Change of 0.47%. Total value traded through LSE was: £ 4,287,242,825 a change of -9.07%
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 -100%. Total value traded through LSE was: £ 3,626,221,676 a change of 0% 
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:AFC AFC Energy** **LSE:AV. Aviva** **LSE:AZN Astrazeneca** **LSE:MKS Marks and Spencer** **LSE:NG. National Glib** **LSE:SBRY Sainsbury** **LSE:TRN The Trainline** **LSE:TSCO Tesco** **
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Updated charts published on : AFC Energy, Aviva, Astrazeneca, Marks and Spencer, National Glib, Sainsbury, The Trainline, Tesco,
LSE:AFC AFC Energy Close Mid-Price: 12.6 Percentage Change: -3.08% Day High: 13.5 Day Low: 12.5
Target met. In the event AFC Energy experiences weakness below 12.5 it ca ……..
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View Previous AFC Energy & Big Picture ***
LSE:AV. Aviva. Close Mid-Price: 506 Percentage Change: + 0.16% Day High: 508.2 Day Low: 502.6
In the event of Aviva enjoying further trades beyond 508.2, the share sho ……..
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View Previous Aviva & Big Picture ***
LSE:AZN Astrazeneca. Close Mid-Price: 13274 Percentage Change: + 0.56% Day High: 13290 Day Low: 13164
Further movement against Astrazeneca ABOVE 13290 should improve accelerat ……..
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View Previous Astrazeneca & Big Picture ***
LSE:MKS Marks and Spencer. Close Mid-Price: 340.4 Percentage Change: + 0.50% Day High: 342 Day Low: 337.4
Continued trades against MKS with a mid-price ABOVE 342 should improve th ……..
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View Previous Marks and Spencer & Big Picture ***
LSE:NG. National Glib Close Mid-Price: 991.6 Percentage Change: -1.28% Day High: 1007.5 Day Low: 990.2
Continued trades against NG. with a mid-price ABOVE 1007.5 should improve ……..
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View Previous National Glib & Big Picture ***
LSE:SBRY Sainsbury. Close Mid-Price: 290.2 Percentage Change: + 0.48% Day High: 291.2 Day Low: 289.2
Continued trades against SBRY with a mid-price ABOVE 291.2 should improve ……..
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View Previous Sainsbury & Big Picture ***
LSE:TRN The Trainline Close Mid-Price: 301.2 Percentage Change: -0.66% Day High: 305 Day Low: 298.2
If The Trainline experiences continued weakness below 298.2, it will inva ……..
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View Previous The Trainline & Big Picture ***
LSE:TSCO Tesco. Close Mid-Price: 352.5 Percentage Change: + 1.21% Day High: 353.1 Day Low: 348.9
Target met. Further movement against Tesco ABOVE 353.1 should improve acc ……..
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View Previous Tesco & Big Picture ***