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​​​​​FTSE 100 Drops Back from Eight-Month High, while Dow and Nasdaq 100 Hold Steady

​​​​​FTSE 100 Drops Back from Eight-Month High, while Dow and Nasdaq 100 Hold Steady

FTSE 100, Dow Jones, Nasdaq 100 Daily Price and Charts​​​FTSE 100 retreats from a ten-month high​Wednesday saw the price reach its highest level in ten months, but a reversal on Thursday might suggest that more declines are in store, at least towards the 50-day simple moving average. ​Below this lies 7600, where buying pressure appeared in the second half of February. If the price can hold above 7700 then a new attempt to push higher may develop.FTSE 100 Daily Price ChartRetail trader data shows 35.37% of traders are net-long with the ratio of traders short to long at 1.83 to 1. The number of traders net-long is 17.44% higher than yesterday and 4.00% lower than last week, while the number of traders net-short is 16.63% lower than yesterday and 7.95% higher than last week.We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests FTSE 100 prices may continue to rise.

of clients are net long.

of clients are net short.

Change in






​​Dow Jones sell-off averted​The post-CPI rally faltered on Thursday, though it remained above previously-broken trendline resistance. ​A close below trendline support from January and then below the 50-day SMA would likely indicate a deeper pullback was at hand, perhaps towards 37,816 and the previous high.Dow Jones Daily Price Chart

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​​Nasdaq 100 holds trendline support​Bullish momentum has continued to falter here, and the price slipped back to 18,000 during Thursday’s session.​A break below trendline support from the January low would mark a change for the index, and would open the way to horizontal support at 17,656, and then to the 50-day SMA.​If the price can hold trendline support then a new move higher could see the price return to the peak seen last week, and then potentially higher.Nasdaq 100 Daily Price Chart
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