Look back over the past, with its changing empires that rose and fell, and you can foresee the future too.

— Marcus Aurelius


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Thursday, February 9, 2012

FTSE a look at the trend UP..different time frames

4 hour FTSE chart

We can see that since end of November the trend is UP..
and we are at a minor resistance near 5915 hence the market consolidating.  We may get a push down to the trend line 5775, before pushing through.

The FTSE DAILY chart shows resistance more clearly

The push above should target 6100 minimum.


Above 6100 we target the highs of the FTSE at 6830 !!

Having a quick look at the US market, specifically the S&P 500 index weekly

We can see we are approaching 1372 ..OBVIOUS RESISTANCE.

Scenario for the markets is:

S&P breaks 1370 level briefly and then falls back as investors perceive as a double top.
A quick correction short and sharp and then when the market doesn't fall as much as people expect , a longer rally through 1370 and as high as 1425/1450 as more "public" are lured onto the BUY side.

Obviously European markets will respond in a similar manner

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