- The FTSE 100 has rallied a bit against the backdrop of a very noisy financial market anyways.
- After all, there are a lot of concerns out there when it comes to the global growth situation and of course the overall idea of tariffs.
- Now, the United Kingdom itself won't necessarily be targeted by anybody that I know of but it will have an influence on global trade.
That has an influence on what happens in the United Kingdom as far as exports are concerned. It's worth noting that market participants did in fact show a little bit of hesitancy to hang on to the move. But if we were to break above the 8,750 level, then markets could go looking at the 8,900 level.
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Below Current Levels
Underneath we have the 50 day EMA offering a bit of support, followed by the $8,500 level. The $8,500 level is a large round psychologically significant figure that a lot of people would be watching. And a breakdown below that level could send this market back down to the 200 day EMA. It's also worth noting that the most recent monetary policy committee decision, as far as the vote count was concerned, only had one member talking about cutting rates and that was less than anticipated. So, it is a little bit more hawkish, which typically is a bit of a negative for the stock market. But when you look at the FTSE 100 from a longer term standpoint, it does tend to rally a bit and then go sideways for a well-defined range and then rally a little bit further.
Global equities had a pretty good day, so it does make sense that London followed right along, but it's also worth noting that global equities did not hang on to a lot of the gains. So, I think we are going to remain very choppy, but somewhere near this area over the next several sessions.
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