FTSE 100

Support now broken with close. Confirmed by RSI. Todays open below 61.8% Fib. Bear pennant becomes bear flag.

Lots of barber shop volatility within a clear trading range after the bear pennant broke but I would now expect it to chug on southwards towards my target of 5600. First resistance is recent low 5768.




Spyder broke a moderate support line yesterday with 1824 first target with similar candle formations.



Will be interesting to see how this plays out. Tomorrow needs a close above trendlines on both indices IMO. Probability is that the the bear flags will finally play out.

F4T

Well, rather than a breakdown we had a strong breakout and potential double bottom.

Rise stalled at MA50 yesterday. ~6500 needed to break the downtrend which is still in play.

Resistance 6430 then 6500
Support 5899 then 5768

I am still on the bear side medium term as too many headwinds (China/Commodities/Syria/Fed). Let's see what earnings season brings in this highly unpredictable and volatile market.

F4T

careful with longs imho... could well be be big bull trap in play atm...

uk.advfn.com/p.php?pid=chartscreenshotsh...FoAu4=&symbol=FT^UKX

Could well also be a false pattern, so lets see...
Tbh i don't like the look any of action on indices from mid Aug.... looks like a suckers rally to me...

Regards,
Trendfriend.

Looks like the FTSE 100 has put in a 123 low along the the Dax just need to Dow and S & P 500 to follow suit ... I expect a pullback first but I guess if we don't shoot below that number 2 low on FTSE then it's backup we go IMO ...

Remo what's your current view on the markets ?

Can't attached any charts at the mo ...

uk.advfn.com/p.php?pid=chartscreenshotsh...symbol=DJI%5EI%5CDJI

Approaching trendline resistance (again) on the daily. The fact that it didn't test last time weakens the outlook IMO. Might see a double top Mon/Tues before a retrace!? I think this (surprise) short term bull move is almost done.





Hanging man on weekly





Let' see how the week progresses

F4T