The FTSE100 continued to trade sideways yesterday in a narrow range opening at 5386.16 and closing the London trading session at 5405.15, and ending as a narrow spread candle as a result. Trading volumes were modest at 508,289,053 which is roughly in line with expectation for the summer period. Technically the index continues to hold above all three shorter term moving averages, with both the 9 and 14 day in particular offering good support to any short term pullback. Tuesday’s candle also suggested that the recent mildly bullish sentiment remains firmly in place with a test of support from the 14 day moving average which held firm as a result. With the recent break above 5250 now complete this is adding further to the positive picture for the index and suggests that we should see a further rise in the short term fully supported by both the moving averages and also the underlying volume. In the longer term we need to see the FTSE100 begin to test potential resistance at the 5644 level and any break through and above the upper level of this level at 5743.96 would open the way to a further and longer term bullish run towards 6000 and beyond in due course as we come out of the summer doldrums and into the last quarter of 2010.
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Archive for spread bet trading – Page 2
The ftse 100 closed today’s trading session at 5313.95 having initially opened at 5319 and tested the high of 5375.23 before falling back as the US markets added a bearish tone to equities in general. Technically on the day we have a weak shooting star candle which confirms that of Tuesday followed by Wednesday’s bearish candle. It is interesting to note that Tuesday’s shooting star pattern was also accompanied by a relatively high surge in volume with 1.8m traded on the day, almost double that of today. As such this would suggest that the market is selling and we should expect the ftse 100 to move lower as a result. However, today’s close still maintained its position above all three short term moving averages (9, 14 & 40 day) suggesting that the recent, underlying bullish sentiment still remains in place.
FTSE 100 Chart 29 June 2010
Ftse betting this week is very much to the downside as the index crashes through the psychological 5000 level and begins to test support immediately belowas it approaches a significant level at 4898.49. This price point signals the low of May which prompted a recovery in the short term for the index to break back above 5200 once again. However, in the last few days we have seen bearish sentiment return once again with trading today so far epitomised with a wide spread down candle coupled with thin trading volumes. Should the 4898 price handle be breached either today, or later in the week then expect to see the ftse 100 break lower as a result. This bearish sentiment is further confirmed by the 9 day moving average which has now crossed below both the 14 and 40 day moving averages with all three now adding further pressure to the downside. As a result any ftse bet should be placed to take advantage of the current bearish momentum.
Banking problems prompt sell off in equities
FTSE weekly chart - Week ending 14th May 2010
Following the last two weeks of significant falls for the ftse betting index as markets and investors reacted with panic to the continuing uncertainty in Europe, this week’s modest recovery came as a relief to many who had been betting on further falls in equities as a result. There was further turmoil in the markets this week, caused partly by the election results in Germany, which saw Chancellor Merkel lose her coalition majority as a result, coupled with unhelpful comments later in the week from French President Sarkozy who suggested that the euro was finished as a currency. Despite last week’s meeting in Europe over the weekend, the markets are still nervous, as the threat of contagion still exists, although both the Portuguese and Spanish now seem to be taking firm action to control their sovereign debt problems, unlike the Greeks who are still in denial, and blaming everyone else but themselves. It has been suggested today that President Sarkozy even threatened to withdraw France from the euro if Germany failed to convince the member states to agree to a joint bailout. All this has unsettled the markets with the resultant sharp reversal in the ftse 100 late in the week, with gold the major beneficiary, as investors flee for the precious metal and a safe haven, as risk appetite falls as a result.
From a technical perspective the short term outlook remains mildly bearish, with last week closing marginally higher but with a deep wick to the upper body, and failing to hold above the 26 day moving average which now sits above the closing price of 5264 on Friday evening. Having breached both the 9 and 26 day moving averages, and with a bearish tone now evident, the key support level remains at the 5,030 level, and should this be penetrated, then we can expect to see the downwards momentum continue as a result. To the upside only a break and hold above 5525 will indicate a return of the bullish momentum of the last few months. With the Dow Jones falling in the evening session, expect the ftse 100 to open gapped down on Monday morning and watch for a test of the psychological price level during next weeks ftse betting.
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FTSE 100 latest news
- U.K. Stocks Fall; Mining Companies Drop on China Slowdown May 18, 2012U.K. Stocks Fall; Mining Companies Drop on China Slowdown Bloomberg - 13 minutes ago UK stocks fell, for their longest streak of losses since November, as mining companies slid amid signs of slowing growth in China. […]
- Markets: FTSE 100 hit by eurozone downgrades May 18, 2012Markets: FTSE 100 hit by eurozone downgrades Interactive Investor - 41 minutes ago By Interactive Investor News Team | Fri, 18/05/2012 - 09:00 09:00 - The FTSE 100 (UKX) slid into the red on Friday in the face of eurozone worries, after ratings agency Moody's downgraded 16 Spanish banks and Fitch cut Greece's credit rating to CCC ... Europe stocks […]
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- Britain's FTSE 100 ends with heavy losses May 17, 2012Britain's FTSE 100 ends with heavy losses MarketWatch - 23 hours ago By Barbara Kollmeyer, MarketWatch MADRID (MarketWatch) - Britain's FTSE 100 index took another dive on Thursday as euro-zone-related political news and events continued to weigh on broader European markets. […]
- UK Stocks Fall, Extending 2012 Low Amid Greek Concern May 17, 2012UK Stocks Fall, Extending 2012 Low Amid Greek Concern BusinessWeek - 23 hours ago By Sarah Jones on May 17, 2012 UK stocks declined for a fourth day, extending the FTSE 100 Index (UKX)'s lowest level this year, amid continued uncertainty about Greece's future in the euro area and the strength of Spain's banks. […]
- Markets: Eurozone woes drag FTSE 100 south on Thursday May 17, 2012Markets: Eurozone woes drag FTSE 100 south on Thursday Interactive Investor - May 17, 2012 By Interactive Investor News Team | Thu, 17/05/2012 - 17:00 17:00 - The FTSE 100 (UKX) dropped to lows last seen in December 2011 as a Greek exit from the euro appeared almost a certainty. […]
- Markets: Eurozone fears weigh on FTSE 100 May 16, 2012Markets: Eurozone fears weigh on FTSE 100 Interactive Investor - May 16, 2012 By Interactive Investor News Team | Wed, 16/05/2012 - 17:10 17:10 - After briefly holding its head above water, the FTSE 100 (UKX) closed Wednesday in the red. […]