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Dow Jones and FTSE 100 Technical Forecast for the Week Ahead

Dow Jones and FTSE 100 Technical Forecast for the Week Ahead

2019-11-09 10:00:00
Justin McQueen, Analyst
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Equity Analysis and News

  • Dow Jones | Bulls in Driving Seat, However, Modest Pullback is on the Horizon
  • FTSE 100 | Key Fib Curbs Further Upside
  • Risks to Equity Market
Equity Index Performance Chart

Source: Thomson Reuters, DailyFX

Dow Jones | Bulls in Driving Seat, However, Modest Pullback is on the Horizon

The Dow Jones had finally pushed to fresh record highs after lagging other major US equity markets. That said, while momentum indicators continue to tilt towards the upside, the bullish DMI indicator is beginning to ease. Alongside this, the RSI has also pulled back slightly, having neared overbought territory, while a bearish RSI divergence has also occurred, which in turn raises the risk of a potential pull back in the index, whereby we would look towards a test of 27400.

Dow Jones Price Chart: Daily Time Frame (Jul 18 – Nov 19)

Dow Jones Price Chart Daily

FTSE 100 | Key Fib Curbs Further Upside

Modest gains for the FTSE 100 throughout the week, however, yet again, topside resistance in the form of the 23.6% Fibonacci retracement (7440) held firm and thus curbed further upside in the index. Consequently, this places support at 7310-20 in focus, which represents the weekly low and bottom of the rising channel, as such, failure to hold could see the index push towards 7261 (38.2% Fibonacci retracement).

FTSE 100 Price Chart: Daily Time Frame (Nov 2018 – Nov 2019)

FTSE 100 Price Chart Daily

Risks to Equity Markets

Divergence occurring as equity market volatility remains dormant while bond market volatility awakens.

VIX versus Move Index

Investors remain extremely bullish

Dow Jones and FTSE 100 Technical Forecast for the Week Ahead

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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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