The FTSE 100 goes slightly higher during quiet Tuesday session

The FTSE 100 went sideways during most of the trading session, as Tuesday was relatively quiet. We reached towards the 7250 handle above, which is an area that will attract a lot of attention. On the hourly chart, we pulled back a bit, and formed a shooting star. This shows that if we can break above that level, the market can go much higher. Ultimately, if we can break above the 7300 level, the market could then go to the 7400 level after that, and then the 7500 level.

I think that the 7200-level underneath has been supportive, and I think that the market should continue to find buyers, especially if we can keep some type of “risk on” attitude. This is a market that is going to be sensitive to the trade talks the United States and China, and of course the overall risk appetite. If we can break above to the upside and based upon the “risk on” attitude of traders around the world we should continue to see the FTSE rise right along with the DAX, Nikkei, and many other markets. I believe that the market should continue to see a lot of volatility, but I do believe that ultimately the buyers will take over. I think there is a massive “hard floor” below at the 7000 handle. Ultimately, buying the dips should continue to be the best way going forward. That being said, we have some work to do.

FTSE 100 Video 18.04.18