​​​​​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

Longs

Shorts

OI

Daily
20%
3%
8%

Weekly
20%
17%
18%

​​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

Recommended by Chris Beauchamp

Building Confidence in Trading

​​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
element inside the element. This is probably not what you meant to do!
Load your application’s JavaScript bundle inside the element instead.



Source link