The FTSE 100 went sideways initially during the trading session on Friday, but then saw a bit of bullish pressure, as the jobs number in America came out at 313,000 for the month of February. Ultimately, this is a market that I think continues to see bullish pressure, but there's obviously a significant amount of noise in the range of 7250. I think that the FTSE 100 pulling back will offer buying opportunities, but I also believe that it is only a matter of time before we do breakout. I believe that the market pulling back is simply a momentum building exercise, and I still see the 7000 level as a "floor" in the market, and if we were to break down below there it's likely that the market unwinds rather drastically. I do believe in the bullish pressure and the bullish story longer-term, with the FTSE 100 perhaps going to the 7500 level.
In the meantime, I would be very cautious about trading this market, at least with large positions. I believe that there a lot of noisy issues out there that will continue to push this market back and forth, so I would be cautious about putting a lot of money in the market initially. If the market can continue to go higher, then I think you could add slowly to a position that proves itself to be working out for you. Ultimately, I think that we will get the break out, but I think it's very difficult to hang onto what I thinks going to be very noisy scenario.
FTSE 100 Video 12.03.18
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
