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Christopher Lewis
FTSE 100 weekly chart, June 18, 2018

The FTSE 100 rallied a bit during the week but turned around at the 7800 level to turn a move lower. The shooting star looks very likely to signal that we could pullback, but I think there is plenty of buying pressure underneath and it’s only a matter time before the buyers command based upon value hunting. If we can break above the 7800 level, the market probably goes to the highs again, but right now I think there are a lot of concerns when it comes down to the geopolitical arena, and of course global trade itself as the Americans have just slapped the Chinese with more tariffs.

The Chinese will retaliate, and that will continue to make equities a bit soft and difficult to own. I think that we are going to see a pullback, but I also recognize that the 7500 level should be rather supportive. If we break down below there, then I think the next supportive level is closer to the 7250 level. Alternately, if we break above the 7800 level, we will go looking towards the 8000 level eventually. We will have a very noisy summer, especially considering that the reddish and the Europeans are still discussing the divorce, so there is always the specter of political headlines coming out to for the markets back and forth. With this much anxiety, a pullback would be expected but it should also be an opportunity for those who are patient.

FTSE 100 Video 18.06.18

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