FTSE for Friday (FTSE:UKX)
A bunch of folk requested we add the Nasdaq to our daily index analysis. This seemingly simple request was to prove a bit awkward in filling, due to disparity amongst various feeds. Finally, though, we’re happy at what we’re looking at but it has thrown up a little problem.
Unlike the DOW & S&P500, the Nasdaq has not been outperforming itself when we step back and review its Big Picture potentials. Quite the opposite in fact as it’s still got a little bit to go before we find ourselves scratching our heads.
Currently trading around 7,031 points, it certainly looks capable of some stumbles around the 7,409 point.
Secondary, if bettered (ever), comes along at 8,570 points – above which we’re currently clueless! This index needs fall below 6,275 points, just to indicate the immediate rate of acceleration has eased.
As for Friday’s FTSE 100 (UKX), this week has been truly confusing with the market proving exceedingly difficult to read.
The problem remains, there are more arguments wanting to pressure the index downward than upward as the index currently requires above 7,255 points, just to stop us talking about drops into the 6,800’s.
Near term, there’s little doubt in our calculation which suggests anything now below 7,120 points should generate weakness toward an initial useless 7,100 points. Secondary, if broken, calculates at 7,050 points. The tightest possible stop looks like 7,190 points.
Alternately, if some miracle can now drive the index above 7,190 points, we’re looking for growth to an initial 7,230 points with secondary, if bettered, at 7,250 points. Stop can be at 7,120, the above paragraphs trigger level!
Have a good weekend.
Alistair Strang has led high-profile and “top secret” software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know “how it worked” with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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