News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • After making a fresh all-time high, Bitcoin has retreated slightly. Now trading back below $66,000 #Bitcoin $BTCUSD https://t.co/h7MRbR13Ju
  • NZD/USD takes out the September high (0.7170) as it extends the advance following the kneejerk reaction to the US consumer Price Index (CPI). Get your market update from @DavidJSong here:https://t.co/QtOtKrJ7X2 https://t.co/0ZP406evUS
  • FDA approves Moderna and Johnson & Johnson Covid booster shots - BBG $MRNA $JNJ
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.68% 🇦🇺AUD: 0.57% 🇨🇭CHF: 0.45% 🇬🇧GBP: 0.22% 🇪🇺EUR: 0.16% 🇯🇵JPY: 0.03% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/s6QjvuMoVM
  • Fed's Mester: - My inflation forecast for this year has been revised - My expectations are that bottlenecks will last longer than originally expected
  • Fed's Mester: - Interest rate hikes are not coming anytime soon - As asset purchases slow down, we will have time to assess inflation and employment
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Silver: 2.66% Gold: 0.67% Oil - US Crude: 0.08% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/vFDDklTKD3
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 90.48%, while traders in Wall Street are at opposite extremes with 77.57%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/ojedFqGrS2
  • The FTSE 100 index of leading London-listed stocks is in a good position to climb further, helped by Wall Street strength. Get your market update from @MartinSEssex here:https://t.co/DMsdDCgvLr https://t.co/CAdKQ1ENwv
  • $TSLA is down approximately -0.7% in after hours of trade despite beating expectations on EPS ($1.86 vs $1.67 expected) and revenues ($13.76bln vs $13.91bln expected)
FTSE 100: Arriving at Confluence of Support

FTSE 100: Arriving at Confluence of Support

Paul Robinson, Strategist

What’s inside:

  • The FTSE continues to fall back into support
  • It’s late August, keeping trading size reduced and being more selective
  • Yellen speaking in Jackson Hole today

Since discussing the FTSE 100 on Tuesday, the index has continued to gradually fall back into support, taking the shape of a bull-flag/channel. The confluence of support in the form of July highs and rising lower parallel from early July is presenting an interesting spot from which the market should begin to turn higher if the recent descent is indeed constructive in nature.

Yesterday, a small reversal was experienced from right around the intersection of support, but a firm press lower into support and shove higher would act as a better signal the market is ready to continue its advance since the ‘Brexit’ lows. A break above the top-side trend-line of the bull-flag/channel formation will confirm the hold of support. Should the FTSE drop with conviction below both the July peak levels and lower parallel, then alternative routes will need to be considered.

FTSE (UK100) Daily

FTSE 100: Arriving at Confluence of Support

It’s late August, so the summer doldrums continue, making trading more difficult for those operating on any time-frame. This means it’s a good idea to continue trading with smaller size and more selectivity until market participation comes back into the market. Volume and volatility at some point will come back into the market, but until then we want to carefully navigate the current environment and keep our powder dry for when conditions are more conducive for making money.

Today, the Fed’s Janet Yellen is speaking in Jackson Hole, Wyoming. It can be a big deal, but not always. The feeling on this end is it will be a rather uneventful event this time around, but, traders should remain on their toes should the Fed-head say something which leans further to the dovish or hawkish side than is expected, and shoves US markets around which in result impacts other global markets as well.

Track trader positioning in real-time via the DailyFX ‘Speculative Sentiment Index’.

---Written by Paul Robinson, Market Analyst

You can follow Paul at @PaulRobinsonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES