FTSE 100 the outlier again yesterday- what about today?

In a number of recent updates we have pointed out the technically negative closes we have witnessed in the FTSE 100 and how on two consecutive days it set negative outside day reversals, each from a new all time high. So, we simply could not ignore that. 

Well, no surprise then to see the FTSE 100 was by some margin the worst performing major European index yesterday and the only one to close in the red, granted not by that much. The FTSE 100 traded as low as 10,832.50 yesterday and later closed 10.35 points lower, at 10,857. 70. 

However, the index futures are higher this morning, buoyed by the results earlier from HSBC and the prospect of that company buying back more of its own stock. The FTSE 100 futures has also just been helped by another beat from the Oil giant, BP, who have just released their Q2 earnings and beaten estimates on the top and bottom line. 

To be honest that is not really a surprise given the surge in oil prices this year, but it has nevertheless brightened the effective FTSE 100 opening outlook this morning. The index is currently priced to effectively reopen around 10,890