UK FTSE 100 (.FTSE) consolidates gains as US markets open higher
The Footsie was holding on to gains as US indices opened firmer on Thursday in the wake of US gross domestic product (GDP) data.
The S&P 500 was up 3.9 at 2,909.8 and the tech-heavy Nasdaq Composite was 14 points firmer at 8,021; the Dow Jones was a couple of points better at 26,385.
The FTSE 100 was up 23 at 7,535.
Today’s US GDP print remaining at 4.2% reaffirms the Federal Reserve’s bullish assessment of its economy in the latest FOMC meeting. Having raised short term interest rates for the third time in 2018 this week, the Fed remain on course for further monetary tightening before the year is out, with the futures market heavily speculating a December rate increase. With unemployment at multi-year lows and wage inflation accelerating to its quickest pace in 9-years, the Fed may have no other alternative.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 7,691.23.
The projected lower bound is: 7,394.42.
The projected closing price is: 7,542.82.
A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 7 white candles and 3 black candles for a net of 4 white candles. During the past 50 bars, there have been 25 white candles and 25 black candles.
Three white candles occurred in the last three days. Although these candles were not big enough to create three white soldiers, the steady upward pattern is bullish.
Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.
One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 95.8741. This is an overbought reading. However, a signal is not generated until the Oscillator crosses below 80 The last signal was a buy 11 period(s) ago.
Relative Strength Index (RSI)
The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 59.92. This is not a topping or bottoming area. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a buy 11 period(s) ago.
Commodity Channel Index (CCI)
The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is 124.This is an overbought reading. However, a signal isn’t generated until the indicator crosses below 100. The last signal was a buy 11 period(s) ago.
The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a buy 6 period(s) ago.
Rex Takasugi – TD Profile
FTSE 100 INDEX closed up 33.950 at 7,545.440. Volume was 17% below average (neutral) and Bollinger Bands were 29% wider than normal.
Open High Low Close Volume___
Short Term: Overbought
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 7,411.79 7,534.63 7,489.47
Volatility: 10 13 14
Volume: 804,229,952 733,617,280 806,264,320
Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.
FTSE 100 INDEX is currently 0.7% above its 200-period moving average and is in an upward trend. Volatility is Our volume indicators reflect volume flowing into and out of .FTSE at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .FTSE and have had this outlook for the last 1 periods.
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