Bears in control of the FTSE so longs are off the table.
The Bears took control of the FTSE today. I'm a little perturbed of the exact driver but it seems to be a combination of Sterling strength after positive noises from the Brexit negotiating table and negative Trade War rhetoric. Either way this is not a place to buy and hold. We are likely to see decent bounces to the upside on the way down and I will take some intraday opportunities as I did today, but we are likely to first see 7500 and then a possibility of 7350 being visited. None of this is particularly concerning at this stage. Global growth is fairly resilient and the markets have been crying out for a genuine Throwback from upside moves.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.