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UK FTSE 100 (.FTSE) trade worries and global uncertainty continued to weigh

UK FTSE 100 (.FTSE) trade worries and global uncertainty continued to weigh

FTSE 100 index closed in the red on Thursday as Wall Street stocks also tumbled as trade worries and global uncertainty continued to weigh.

The UK’s index of leading shares closed down around 31 points at 7,231 with defensive stocks making up the gainers  

FTSE 250 also lost ground, plunging over 123 points at 20,352. 

On Wall Street,  the Dow Jones Industrial Average shed over 86 points at 27,736; the S&P 500 lost around seven at 3,100. The Nasdaq index  lost around 29 points to stand at 8,497.

Technical Indicators

Overall, the bias in prices is: Downwards.

By the way, prices are vulnerable to a correction towards 2,937.76.

The projected upper bound is: 2,965.53.

The projected lower bound is: 2,839.60.

The projected closing price is: 2,902.56.

Candlesticks

A white body occurred (because prices closed higher than they opened).
During the past 10 bars, there have been 5 white candles and 5 black candles. During the past 50 bars, there have been 27 white candles and 23 black candles for a net of 4 white candles.

An on-neck line occurred. This is a bearish pattern where prices should move lower when the white candlestick’s (i.e., the most recent) low is penetrated.

A spinning top occurred (a spinning top is a candle with a small real body). Spinning tops identify a session in which there is little price action (as defined by the difference between the open and the close). During a rally or near new highs, a spinning top can be a sign that prices are losing momentum and the bulls may be in trouble.

Momentum Indicators

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.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 64.4038. This is not an overbought or oversold reading. The last signal was a buy 3 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 42.56. 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 sell 42 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 -68. This is not a topping or bottoming area. The last signal was a buy 3 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 8 period(s) ago.

Rex Takasugi – TD Profile

SSE COMPOSITE closed down -7.416 at 2,903.638. Volume was 24% below average (neutral) and Bollinger Bands were 27% narrower than normal.

Open     High      Low     Close     Volume___
2,902.5532,910.3612,891.5312,903.63812,345,861,120
Technical Outlook 
Short Term: Neutral
Intermediate Term: Bearish
Long Term: Bearish
Moving Averages: 10-period     50-period     200-period
Close: 2,915.33 2,959.58 2,945.49
Volatility: 14 14 23
Volume: 13,524,850,688 16,253,122,560 23,044,159,488

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.

Summary

SSE COMPOSITE is currently 1.4% below its 200-period moving average and is in an downward trend. Volatility is relatively normal as compared to the average volatility over the last 10 periods. Our volume indicators reflect volume flowing into and out of .SSEC at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bearish on .SSEC and have had this outlook for the last 31 periods.

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