All of the major indices are now in an upward trend on the 20/50 dma crossover to the upside. Some weaker than others with the FTSE100 being the main lagging index as it struggles to sustain a move above 5700, which has been a solid point of resistance for a while. It's about 30 points above that as I write, but could be a lot higher come tomorrow if the market likes what ECB banker Draghi has to say later today. Or lower if he doesn't say or do the right things. Or is it all in the charts already -
Should you follow the news?
The UK TechMARK and Eurostoxx index still look fairly bullish.
Price action on the Dow and S&P are now clearly showing daylight above the 20 and 50 dma.
These charts look bullish despite the news, the trend is clearly up, but it seems to be on expectations that the Central Bank's, or today the ECB, will do or announce something. If they don't, it will be interesting to see how the market responds and whether the current more bullish trend holds.
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| FTSE100 |
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| TechMARK |
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| Eurostoxx 50 |
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| Dow 30 |
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| S&P 500 |
Well, Draghi spoke, markets not liking what they heard and now falling. 5700 on the FTSE100 still proving to be tough resistance level.
ReplyDeleteToday the FTSE100 is making a fresh assault on 5700. They seem to be ignoring the brief perception of bad news from yesterday.
ReplyDeleteTrend still seems to be up.