- The FTSE is oscillating around the 6164 level as it has been doing since the start of the month.
- U.K. Retail Sales is on deck this morning, followed by U.S. Jobless claims, Durable goods orders and Markit US Services PMI this afternoon.
- The current trend defining trend is the March low of 6006.
Most stock markets are muted this morning and the FTSE 100 (FXCM: UK100) is no exception. Price is oscillating around the 6164 level as it has been doing since the start of the month.
Today at 9:30 GMT, U.K. Retail Sales were seen to be increasing by 3.5% YoY according to the latest survey by Bloomberg. This report may spur some volatility, and if not then the trading might remain muted until this afternoon as traders could hesitate to trade ahead of the long-weekend. In the U.K., Friday and Monday are public holidays.
This afternoon, U.S. Jobless claims are seen at 269K, Durable goods orders are expected to decline by 3 percent MoM, and Markit US Services PMI is seen at 51.4. This raft of data may spark some life in global stock markets.
The technical trend
While the FTSE 100 is oscillating around the 6164 level for almost a full month, the multi-week trend is bullish since mid-February. The current trend defining trend is the March low of 6006. The March 18 high of 6237 is short-term resistant, while the December 29 high of 6322 is strong resistant.
Beyond the March low of 6006, the February 24 low of 5843 is the next strong support level.
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FTSE 100 | FXCM: UK100
Created with Marketscope/Trading Station II; prepared by Alejandro Zambrano
— Written by Alejandro Zambrano, Market Analyst for DailyFX.com
Contact and follow Alejandro on Twitter: @AlexFX00
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