Jump to content

FTSE 100 post Brexit


Mercury

Recommended Posts

If the Large Cap US stock indices post a new all time high then the FTSE will catch a bid.  There has been the expected overreaction to the Leave vote but in the context of the start of the pre vote rally (from June 16 lows) the market is actually up (weird right!).  As Carney announces his packages of support and the Fed joins in I see a rally up to a Wave 2 retrace (see weekly chart).

 

However I can't yet say for sure if the wave B (Pink) has been posted.  If it has then we should see a retrace back down in 1-2 form before a rally up but if not then a fresh low to complete the Wave B (Pink) could see the market hit the 5500 level.  Having said that the price hit perfectly on the Daily chart down tram (red) and a set of parallel trams shows the area of a possible Wave 2 high (purple).  Ideally I would like to see a bottom on the key indicators to coincide with Wave B (Pink so a close further low could be the resolution to this before a strong rally.  Key will be what the US markets do in my view.

 

 

 

 

Link to comment

Archived

This topic is now archived and is closed to further replies.

  • General Statistics

    • Total Topics
      20,788
    • Total Posts
      89,815
    • Total Members
      40,698
    • Most Online
      7,522
      10/06/21 10:53

    Newest Member
    CJO
    Joined 09/12/22 18:29
  • Posts

    • Week ahead 12/12/22: Fed, BoE, ECB decisions With little or no corporate data we focus in on central bank decisions at the Federal Reserve (Fed), Bank of England (BoE) and European Central Bank (ECB). IGTV senior analyst, Joshua Mahony, discusses trades around the volatility index, the VIX, EUR/USD and the S&P 500.      
    • Charting the Markets: 9 December FTSE 100, DAX 40 and CAC 40 regain lost ground ahead of US PPI data. EUR/USD, GBP/USD, and AUD/USD look to continue their bullish two-month trend. And gold and natural gas edge higher but oil prices keep falling.         This is here for you to catch up but if you have any ideas on markets or events you want us to relay to the TV team we’re more than happy to.
    • EUR/USD, GBP/USD and AUD/USD look to continue their bullish two-month trend EUR/USD, GBP/USD and AUD/USD look set to continue their bullish momentum, with recent worries cast aside for now.    Joshua Mahony | Senior Market Analyst, London | Publication date: Friday 09 December 2022  EUR/USD continues to push higher after recent pullback EUR/USD has seen a more upbeat tone over the second half of the week, with the dollar strength seen on Monday and Tuesday fading to give way to another push higher for this pair. Markets appear to be in a state of flux, with inflationary concerns reemerging in the wake of last Friday’s jump in US average earnings. Today sees the release of the US producer price index (PPI) inflation figure, bringing potential volatility if we see factory prices head higher. China certainly has little to worry about on that front, with both consumer price index (CPI) (1.6%) and PPI (-1.3%) well below target thanks to cheap Russian fuel and lockdown restrictions. For EUR/USD, we would need to see a move back below the $1.029 swing-low to bring about a fresh bearish signal after two-months of upside for the pair. Until then, the bulls remain in the driving seat. Source: ProRealTime GBP/USD pushing back into key resistance GBP/USD also saw a somewhat downbeat start to the week, with the pair heading lower from the crucial $1.2293 swing-high resistance level. That August high provides a crucial hurdle up ahead for bulls, with a push through that point bringing expectations of another leg higher from here. The uptrend in place over the course of the past two-months has brought expectations of further upside unless we see that ongoing pattern of higher lows end. With that in mind, a bullish view holds unless the price falls back below the $1.19 level. Keep an eye out for the UK consumer inflation expectations figure released at 9.30am this morning. Source: ProRealTime AUD/USD struggling to maintain recovery pace AUD/USD has similarly been attempting to regain ground today, with the gains seen across EUR/USD and GBP/USD failing to carry through here. This could signal a potential waning of the bullish momentum, with the fact that these pair have been slowing in their ascent of late serving to highlight the potential for another bearish reversal in the near-future. That would tally up with what is happening in equity markets, which have shown initial tentative signs of a turnaround before long. With that in mind, watch out for a break back below the $0.664 level to signal a bearish turn for this pair. Until then, the uptrend evident over the past two-months does remain in play. Source: ProRealTime
×
×
  • Create New...