A bit of a strange day yesterday, the FTSE 100 didn't really do much all day, staying in a very tight range (that 6711 short came good for a few in the end so well done those that held) and never managed to break the 6720 area. Then fireworks erupted later in the day with the stop to 6664 and rise back above 6711.
The bottom of the 10 day Bianca channel is now only at 6881. So, I expect that any dip today is likely to find support there, as generally speaking her trend is currently up.
A fairly flat day during market hours. There is still a bit of worry over Ukraine though, as further sanctions were announced yesterday. We also have the Fed probably going to announce further tapering tomorrow so people waiting to see the outcome of that.
FTSE Outlook
Well we got the dip and rise yesterday, just the dip went a little lower than the 6882 level I had pencilled in. Ultimately, it certainly bounced. Resistance is still at 6720 and 6728 in the near term, then 6747 after that which is the top of the 20 day Bianca channel.
I have put in a dip today and slightly bearish down to the bottom of the 10 day Bianca channel at 6681. The bulls will want to hold that level, otherwise we will get 6656. Today's pivot is 6701, so a little bit of support there initially for the rise to the 6725ish area before a dip back.
Presuming that the 6682 area hold, then we should get a rise back as the FTSE does look like it wants to head higher on the longer timeframes, 6830 being the top of the 2 Raff channels at the moment and a likely area. To invalidate that, it will need to dip below 6569 currently, which is the bottom of the 20 day Bianca channel.
So, for today, I'm thinking the pivot at 6701 will probably hold initially allowing the bulls to build a bit on that rise last night, then dip from the resistance areas at 6720/6728. If the bears manage to get it going, then 6682 is likely to get hit. And, if that holds, then the bulls will be able to target 6786 in the next session or two.
Gold
Gold got a small bounce off the 1299 level yesterday before falling back but not reaching the 1289 level. 1305 wasn't reached either. Tracking a bit of a 30 minute channel currently with support at 1294. If that holds, then it should climb to the 1306 area.
Below this channel, support is 1290 again though I think any rise will struggle at that 1306 area as we have the top of the channel and also a PRT hourly line there. With recent highs in that area we could see a double top and further declines from there. Once again, try some longs off the supports for 1305/1306 then short from there.
S&P
The S&P 500 got some movement after the UK had closed but generally speaking is still tracking the mid point of the 2 Raff channels, with an upward trend. I am still watching for 1919. Resistance today is 1876 and 1880. Support is 1865 being the daily pivot whilst a bigger move below 1859 would probably end the up trend.
DAX
Not much reaction in the DAX from the Deutsche Bank (DBKGn.XETRA) results that just came out - revenues worse than expected at €8.4bn but net income better than expected at €1.1bn.
Resistance today is 9497, 9520 then 9560. Support is 9450 initially, which is the daily pivot then 9420 after that.
I'm looking to go short at 9500 to the pivot at 9450 then long for a rise to 9560.
