FTSE 100 go sideways on Thursday
The FTSE 100 has gone back and forth during the trading session on Thursday, as we have been hanging around the psychologically important 7250 level. The market should then go higher, perhaps reaching towards the 7300 level and then beyond. I believe that if we can continue to get positive “risk on” news out there, I think that we could go much higher. Ultimately, I think that could send this market looking for the 7500 level which has been my longer-term target for some time. That’s not to say that is can be easy, and most certainly there will be a lot of things out there that could move the market in both directions.
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If the trade war news between the United States and China that continues to soften a bit, that should help the FTSE 100, even though we seem the British pound exploded in value during the day, which does hurt exports. Longer-term, I believe that the FTSE 100 will continue to find value hunters coming into the market place, so therefore I like the idea of buying these dips as they occur, with the 7200-level underneath is supportive. I think that the market would find a lot of value at these lower levels, and I think that the FTSE 100 will move right along with the other stock markets around the world such as the S&P 500, the Nikkei 225, and many others. They are all moving in correlation, and the upward momentum and those other markets will continue to influence this one.