UK FTSE All Share (.FTAS) bad news for UK stocks
If the direction of travel persists, the FTSE 100 and the pound could soon be positively correlated for the first time since December 2016 – bad news for UK stocks, as sterling slumps to a near one-year low.
Investors who poured money into FTSE 100 exporters hoping they would act as a safe hedge against Brexit risk may have to look elsewhere.
The FTSE 100 extended the morning’s losses somewhat into the afternoon, losing 68 points or 0.88% to 7,673.
At the same time, the pound was down 0.52% at US$1.2757.
The economy can give it’s thanks to the summer months as the good weather increased consumer spending, particularly food and drink sales.
There was even a nod towards Britain’s growing obsession over football in the form of preparing for the World Cup.
Nonetheless, economists view the figures as being a mixed bag as manufacturing and industrial production fell off, placing the UK below other economies as Brexit uncertainty grows.
Overall, the bias in prices is: Sideways.
The projected upper bound is: 4,299.99.
The projected lower bound is: 4,120.26.
The projected closing price is: 4,210.12.
A black body occurred (because prices closed lower 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.
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 70.9564. This is not an overbought or oversold reading. The last signal was a sell 0 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 48.98. 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 56 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 -5. This is not a topping or bottoming area. The last signal was a sell 0 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 2 period(s) ago.
Rex Takasugi – TD Profile
FTSE-A ALL SHARE closed down -37.920 at 4,210.660. Volume was 23% below average (neutral) and Bollinger Bands were 49% narrower than normal.
Open High Low Close Volume___
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish
Moving Averages: 10-period 50-period 200-period
Close: 4,222.93 4,213.48 4,117.50
Volatility: 14 14 13
Volume: 121,658,784 126,796,448 129,899,680
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-A ALL SHARE is currently 2.3% above its 200-period moving average and is in an upward 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 .FTAS at a relatively equal pace (neutral). Our trend forecasting oscillators are currently bullish on .FTAS and have had this outlook for the last 18 periods.