Fridays little long worked out well with the dip to the order level and then a bounce which I took 20 from (always nice to get a winner on a Friday!). Although, it did manage to rise to 6695 in the end. Not much of a dip going into the weekend. A little surprising, with the risk of the Ukraine situation escalating, unless it is still just being media hyped (always a possibility) and the people that need to know what is going on aren't actually that worried.
Fairly quiet on the news front over the weekend with the US pushing for tougher Russian sanctions over the Ukraine situation and the detention of foreigners.
FTSE Outlook
The Ukraine situation continues to weigh on peoples minds with a "will it, won't it escalate" outlook. Although the absence of a dip on Friday, as people took profit and reduced exposure ahead of the weekend, suggests that traders are waiting for something concrete to be known. Going for the Donald Rumsfeld outlook, I expect "known unknowns"!
Today's pivot is 6682, so we have support there and below that at Fridays low of 6656. The bottom of the Bianca 10 day channel is also possibly looming into play, being 6623. The climb of gold through the 1300 level suggests there is a little bit of a flight to safety (it has bounced well from that 1271 area going on). On the bigger picture, looking at the daily trends, the FTSE 100 still looks pretty positive with a potential push to the 6800 area. Resistance today is once again at 6711 and 6736 - the top of the Bianca 20 day channel.
On the 30 minute chart we have a pretty clear rising channel the bottom of which is not too far below the daily pivot. As such, if that holds then we should get a rise to the 6711 area, possibly the 6730 area after that. With Friday's strength and the main news out today being US pending home sales, we could get a bit more of a rise. If the 6656 level were to break though then it will get bearish, with a dip to 6623 then 6550 and 6515 as supports below that.
Gold
Initially, the rise in Gold looks like it's going to reach the 1305 area, dip back, then try for the 1314 area as circled below. With regards to the dip from 1305, I expect it to then find support at 1299, and 1290 after that.
Therefore, I am looking to short at 1305 with a stop at 1307 and target 1299 and 1290. Then long at 1290 to target 1314.
S&P
The trends are still up and the S&P 500 is resting on support at 10ema currently on the daily chart. As such, I'm inclined to suspect that it's still going to continue rising to target the 1919 area before a dip back. Swing shorts at that level could well be good. Today's pivot is 1866, so assuming that holds then a long around that level should be good today, aiming for 1877 or above.
DAX
The DAX is currently not far off its daily pivot at 9423, so any weakness below that is likely to reach 9367 and possibly 9343 if it goes really pear shaped. I think a long from the 9367 would be an okay play here today though slightly dubious as the daily chart looks to be weakening a bit. The DAX is probably more concerned over Ukraine than the S&P and FTSE.
Bulls will need to break 9465 today to maintain strength in the Dax and aim for the top of the Raff channel in the coming sessions, at around 9700.
