In the end, yesterday saw a dip and then went long at 6775 for the run to 6820. It didn't quite manage to reach the top of the daily channels that I was looking for. But, it was a tall order with the S&P 500 remaining below 1991.
The trend is still up though, and the top of the Bianca channels are now at 6860. It would have to be a very bullish Friday to reach them today. Still, company results are still on the positive side, but 6825 remains immediate resistance.
The IMF upped their latest guess of what they think the UK company will grow by over this year, changing their mind to increase it to 3.2%, and 2.7% for 2015.
FTSE Outlook
Todays pivot is 6803 so likely to be initial resistance there this morning, and then we have support at 6774 again today. Below that the bottom of the 10 day Bianca channel is 6762, which might be worth a small long. Resistance wise, the bulls will need to break 6825 today, with 6837 and then 6860 as the next resistance.
6860 is fairly heavy resistance as that is the top of the daily channels. Will be worth short there if seen. 6837 is the top of the 30 minute channel and more likely to be hit today, if the bulls break the pivot. The trends are still up, though the S&P 500 has failed to really push on since closing at its record highs.
I think he pivot will break this morning, for a run to the top of that channel before dropping back. But its Friday, so stay nimble.
Daily Raff Channels
Bianca Trends
Gold
Gold is still weak below 1300, with support at 1288 today, then 1286. If it can rise today and break 1297 then 1302 is the next resistance for gold and would start to look bullish again, confirming this higher low at around this 1290 level, possibly reaching 1313. On the reverse, if 1286 breaks then 1268 is likely support.
S&P
For the S&P 500, 1992 is still resistance and proving quite the barrier to the bulls. Todays pivot is 1988 so the bulls need to break that before anything else. Support is 1984 today, with 1977 below that. The daily trends are still up so if 1992 is broken then the next resistance levels to watch are 1996 and 2003 (20 day Raff) then 2007 (10 day Raff)
DAX
The DAX is above its a daily pivot at 9759 so that is likely to be initial support. Its not far off the top of the daily Raff channels, both around 9835 at the moment. Closer resistance is 9810 today, then 9835, then 9860 and 9880. If it were to slip below 9691 then that will invalidate the bullish rise and the bottom of the daily channels are likely - 9560 and lower. A lot will depend on the US over the next few weeks and whether they can keep making new highs. Still watching for 2007 on the S&P 500.
