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FTSE 100 Maintains Support on Higher Commodities

FTSE 100 Maintains Support on Higher Commodities

2016-01-28 10:52:00
Alejandro Zambrano, Market Analyst
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Yesterday, the FTSE 100 (FXCM: UK100) breached last week’s high of 5944 and reached our target of 6010. With the short-term trend being bullish above the 5855 level, the next target for bullish traders should be the January 6 high of 6158.

I suspect traders will use a pullback to the 5923 to 5980 range as an opportunity to add to their bullish exposure. Today’s low is at 9330.

Fed Turns Dovish, Keeping Interest Rates In Check

The latest developments supporting a higher FTSE 100, is the dovish tone at the FOMC meeting. Reading between the lines, the Fed is concerned about the economy and they are ready to give it some time for the economy to heal and for external pressures (such as in emerging markets) to abate. Economists are now suggesting that a rate hike in March carries a low probability, which is keeping interest rates in check and this in turn is positive for the FTSE 100. The effect of the dovish tone is also removing pressure on the commodity markets, which are higher for a sixth day.

The China CSI 300 Index is down by 8.86% since Monday

The biggest risk right now, is the great slide in the Chinese stock market, the CSI 300 Index, currently down by 8.86% since Monday. The FTSE 100 and global stock markets however, appear to be ignoring this.

Data pieces to watch today are both U.S. Durable Goods Orders and Initial Jobless Claims. Bloomberg News projects an outcome of -0.7% MoM and 281K respectively. My base case is that better than expected data will lift the FTSE 100.

Losing Money Trading? This Might Be Why

FTSE 100 | FXCM: UK100

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Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano

--- Written by Alejandro Zambrano, Market Analyst for DailyFX.com

Contact and follow Alejandro on Twitter: @AlexFX00

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