FTSE Bulls Are Still In Control

Ukraine didn't figure much in the news despite what some were expecting. In fact, the financial news was quite quiet. It does all still look like we will continue the current slow grind higher, especially looking at the FTSE Bianca chart we could be on for 6900 this week.

If we do make that all time high above 6930 and possibly a little more then the bears might appear - they are in hiding at the moment!

FTSE Outlook

Friday's short order at 6861 on the FTSE 100 wasn't quite reached and that area is resistance again today, with 6850 being the top of the 30 min channel and 6865 being a ProTrend horizontal resistance area. As I mentioned above, it does look like the bulls are still in control and the bears might get squeezed a little bit longer.

Support wise for any dips are the pivot at 6820, and then 6776 isn which is the bottom of the Bianca 20 day channel. Any moves below that will lead to the next support at 6727 though.

Initially today I am favouring a rise to that resistance area where I think we will see a bit of a stutter at around that 6850 area. I expect support will hold as the bulls will be keen to push on for new records to make some headlines soon. I am thinking the pivot and the bottom of that 30 minute channel at 6820/6810 will hold, if not then 6775 is more likely to hold.

FTSE 30 min Chart

Daily Raff Channels

FTSE RAFF Chart

Bianca Trends

FSTE Bianca Trends

Gold

Gold is not really doing much at the moment as it is trapped in a bit of a range. If indices were to get bearish then we should get a gold rise, but in the meantime, support is 1286 (bottom of the current 30min channel) then 1279 and 1260 today. The resistance levels are 1295 being the top of that same channel, then 1310 and 1316.

XAU 30 min Chart

S&P

Looks like we will get a rise to 1885 initially by the S&P 500 today, then resistance after that is at 1889 and 1893. Longer term, I still have that 1919 level as resistance so keep your eyes peeled. If the bears start early, then longer term support is 1845 and a move through that will get it looking bearish again. It's not too far off the top of the Raffs, so bulls might have a stumble at the 1893 area.

Short 1885 looks a decent bet if so inclined, possibly 1892. Initial support is the pivot at 1875.

S&P Daily Chart

DAX

As with the S&P, the DAX 20 day Raff is still heading up, whilst the 10 day is a little bit weaker and pointing now, albeit not very steeply. Initial resistance is 9622, then 9660. Support is at 9580 being the daily pivot, then 9525 (25ema on daily). If that breaks then 9498 is worth a small long for a bit of a knife catch, but could yield a good return.

DAX Daily Chart