UPCOMING (MAJOR) U.S. ECONOMIC EVENTS...
* Wed. Sept. 22 @ 2:00 pm ET - FOMC Announcement + FOMC Forecasts and @ 2:30 pm ET - Fed Chair Press Conference
* Fri. Oct. 1 @ 8:30 am ET - Core PCE Price Index m/m Data
* Fri. Oct. 8 @ 8:30 am ET - Employment Data
* Wed. Oct. 13 @ 8:30 am ET - CPI m/m & Core CPI m/m Data
* Wed. Oct. 13 @ 2:00 pm ET - FOMC Meeting Minutes
* Thurs. Oct. 14 @ 8:30 am ET - PPI m/m & Core PPI m/m Data
* Fri. Oct. 15 @ 8:30 am ET - Retail Sales & Core Retail Sales Data
* Fri. Oct. 15 @ 10:00 am ET - Prelim. UoM Consumer Sentiment
* Fri. Oct. 15 @ 10:00 am ET - Prelim. UoM Inflation Expectations
* Wed. Oct. 20 @ 2:00 pm ET - Beige Book Report
*** CLICK HERE for link to Economic Calendars for all upcoming events.
Thursday, October 18, 2012
FTSE 100 Index Facing Major Headwind Resistance
The updated Daily chart below shows market action, to date (October 18th's close). Price is facing immediate major headwind resistance from the upper edge of this Diamond pattern, along with negatively-diverging RSI, MACD, and Stochastics Indicators...one to watch for a potential breakdown, as the 1300 point range is substantial.
I'm mindful of the fact that Britain is also facing a 9 billion pound debt incurred from hosting the 2012 Olympic Games, as it struggles with a double-dip recession, severe public spending cuts, and an unemployment rate of 7.9% (as reported here on October 17th and shown on the graph below)...adding, enormously, to the above headwinds.