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FTSE 100 Turns Positive as UK Heading for General Election

FTSE 100
FTSE 100

FTSE 100 started the day lower but managed to turn positive, and as of writing the index adds 0.05% at 7,310.3 as investors await the Fed decision; markets have fully priced a 25 basis point cut by Fed later today. UK heads to general election in December that increases the uncertainty for the short term but might clarify the political situation for 2020.

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FTSE 100 Resistance and Support

On the technical side, FTSE 100 hovers close to three-week highs after the index rejected at the 100-day moving average stopping the rebound from seven-week lows on positive Brexit deal news. The index formed a death cross on October 10th as the 50-day moving average crossed below the 200-day MA giving a bearish signal for FTSE.

On the downside, first support stands at 7,287 today’s low, while a break below will open the way for a test of 7,279 the 200-day moving average low. Below this support line, the next support comes in at  7.150 the low from October 22. On the upside FTSE 100 facing the resistance at 7,312 daily top and then at 7.336 the 100-day moving average, a close above could open the way for a move up to 7,440 the September highs.

European equity indices trading mixed today, Dax 30 is 0.22% lower at 12,911 the CAC 40 in Paris trading 0.22% higher at 5,752, In Milan, the FTSE MIB is 0.11% lower at 22,656. In Wall Street, the Dow Jones futures is 0.03% lower at 27,033, the S&P 500 futures are 0.02% higher at 3,036 while the Nasdaq futures are 0.11% higher at 8,066 signalling a mixed start for stocks in the other side of the Atlantic.Download our latest quarterly market outlook for our longer-term trade ideas.

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