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FTSE 100 Is Little Changed As Trading Resumes

FTSE 100 Is Little Changed As Trading Resumes

2016-03-29 07:57:00
Alejandro Zambrano, Market Analyst
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Talking Points

  • Trading resumes after the Easter holiday and the FTSE 100 is little changed.
  • The multi-week trend is bullish above the March 10 low of 6006.
  • The March 18 high of 6237, followed by the December 29 high of 6322 are resistance levels.
  • U.S. Home Price Index and Consumer Confidence are on tap this afternoon, the latter being seen at 94 according to a Bloomberg survey.
  • Fed’s Janet Yellen is set to speak as the London session nears its end.

Technical Outlook

Trading resumes after the Easter holiday.

The multi-week trend is bullish since mid-February and the March 10 low of 6006 is the trend defining low, being the most recent swing low after that of February 24. Please see the chart below.

The March 18 high of 6237 is short-term resistant, while the next important resistance level beyond the March 18 high is the December 29 high of 6322.

Support beyond the March 10 low of 6006 is the February 24 low of 5843.

U.S. Consumer Confidence on Deck

S&P/Case-Shiller U.S. Home Price Index and U.S. Consumer Confidence are on tap this afternoon, the former being projected to increase by 5.75% YoY from 5.74%, while the latter is seen at 94 from 92.2 in February, according to a Bloomberg Survey.

By the end of today’s London session, the Fed’s Janet Yellen speaks to the Economic Club of New York.

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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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