Frustratingly the FTSE 100 did not quite reach the short order at 6845, instead not managing to break the pivot before dropping to 6800. That level held though as if that breaks then there is most likely going to be a fall to 6700.
Today is of course ECB news day, when we get the 'big reveal' of any stimulus and possible negative interest rates. Tomorrow we have NFP so these 2 days will see some action. ADP yesterdays was slightly below forecasts so could be a precursor for NFP also being slightly below.
FTSE Outlook
It's frustrating when the price goes so close to the short order and then just misses, then the long that did take failed. Anyway, 6800 held though the FTSE is definitely lagging the S&P which rose from the 1919 support area to hit the 1927 resistance. That and 1930 represent decent shorting areas.
If the FTSE breaks below 6800 then the bears are more than likely going to take it down to 6700. The key level today is where we are as i write this - right on the daily pivot at 6819, if the bulls can break that then 6832 (near the monthly pivot) and 6850 (weekly pivot) look possible, the latter being a great place to short.
Of course most of todays action is going to hinge on the ECB and what they announce. Prices usually rise in advance of such things but its been a bit lacklustre so is Draghi going to disappoint, though of course he is the one who said "we will do whatever it takes" a while back.
We do have the BoE rate decision at 12pm - expected to remain at 0.5%. Wont be too long before they put it up to temper the housing market though.
Daily Raff Channels
Bianca Trends
Gold
Gold is sitting a few ProTrend lines on the daily chart at this 1244 area. Support levels 1242, then 1239 then 1231. Weekly PRT line at 1199 - news today and tomorrow will wake this up and move it - if the news is bad then up, and vice versa. This 1242 level might well hold for the moment, though if the bears really get going there is the bottom of the daily PRT channel at 1227.
S&P
The S&P 500 had a good rise yesterday to the 1927 level, and even a little past it at 1928.5. As mentioned above I think this area is resistance, 1927-1930, as the FTSE certainly didn't buy into that 10 point rise it put in yesterday. Above 1930 we have 1935 resistance, with the daily pivot at 1925 offering support initially. 1918 is the main level that the bears will need to break to push lower. Maybe a rise on this to 1930 will tally with FTSE 6850 and then both are at decent shorting levels.
DAX
The is going to be some movement on the DAX with the ECB news later (its at 12:45pm) and like the FTSE its currently on resistance, at 9930. Above this level 9960 is the next resistance and again could tally with the FTSE at 6850 so all 3 at levels for shorting. If the bears are going to party then they need to get the price below 9892, though the daily pivot is 9907.5 to offer support first. Short at 9960, long at 9892 look like the 2 decent trades on this.