The Financial Times Stock Exchange 100 Index, also called the FTSE 100 is a share index of the 100 companies listed on the London Stock Exchange with the highest market capitalization. The largest sector is the Financials sector that makes up 20% of the index. Energy companies come second with a weighting of 17%.
In April, England’s gross domestic product fell by over 20% as the UK went into lockdown. According to Samuel Tombs, chief economist at Pantheon Macroeconomics, the UK economy was going to take a long time to recover.
England is going into a second lockdown for one-month and the government will extend the furlough scheme to help protect jobs.
UK prime minister Boris Johnson, who was accompanied England's chief medical officer Professor Chris Whitty and the government's chief scientific adviser Sir Patrick Vallance, said at a press conference on Saturday, non-essential shops and hospitality will have to close, and travel will be under new restrictions, from Thursday and until 2 December.
“We’re not going back to the full scale lockdown of March and April, the measures that I’ve outlined are far less primitive and less restrictive. Though, I’m afraid, from Thursday, the basic message is the same: Stay at home, protect the NHS, and save lives.”
The FTSE 100 has its worst month since March as fears of a second wave shook investor confidence. The FTSE fell almost 300 points throughout October, most of that fall coming this past week. notably over the last week as Europe and England begun to impose strict new lockdowns.
So where is the price on the FTSE 100 headed next?
Monthly Chart (Curve Time Frame) - monthly supply is at 7750 and monthly demand is at 4250.
Weekly Chart (Trend Time Frame) – the trend is sideways with downside momentum.
Daily Chart (Entry Time Frame) – the chart suggests to short price at the daily supply at 5330 with a target at 5000.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
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