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Dow Jones and FTSE 100 Forecast for the Week Ahead

Dow Jones and FTSE 100 Forecast for the Week Ahead

2019-12-01 14:00:00
Justin McQueen, Analyst
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Equity Analysis and News

  • Dow Jones | Hovering Around Record High Territory
  • FTSE 100 | MRP Poll Signals Conservative Majority
Equity Performance Chart

Source: Thomson Reuters, DailyFX

Dow Jones | Hovering Around Record High Territory

A strong month for the Dow Jones, gaining over 4% in November with the index hovering around record high territory. As the final month of the decade begins eyes will be on the plethora of key US data releases, starting with the ISM Manufacturing PMI. After last months uptick, expectations are for another lift, which in turn may see US equities push for better levels. That said, risks remain with market participants seemingly getting more complacent with VIX shorts extending its record levels.

ISM Manufacturing and Non-Manufacturing PMIVIX Positioning

FTSE 100 | MRP Poll Signals Conservative Majority

The long-awaited YouGov MRP Poll highlighted that the Conservative Party are on course for a big majority. The model had correctly called 93% of seats at the 2017 election, making it the most accurate poll, consequently, greater emphasis has been placed on this poll.However, we must be cognizant of the fact that prior to this election, the poll has only been used at the 2017 election (making it 1/1), which had been released days before the election as opposed to two weeks before. Ahead of the election, the FTSE 100 is likely to remain capped at 7440, which continues to curb upside in the index while near term support is situated at 7350.

Yougov UK Poll

FTSE 100 Price Chart: Daily Time Frame (Jan 2019 – Nov 2019)

FTSE 100 Price Chart

FTSE 100 Technical Analysis: Break of Rising Channel

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--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

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