The FTSE 100 still looks quite bullish, although you would have thought that after its most recent run, the early Santa and new year rally, it would be due for a rest. Both the daily and weekly chart looks pretty positive that there could be more upside. The 20/50 dma crossover that happened back in December looks strong. MACD indicator looks very positive on both the daily and weekly chart. Other than bullish over enthusiasm there's not a lot here for bears to grab hold of yet to say that a big fall is on the cards from here.
Who knows, but it looks like a risk on attitude seems to be back and this may carry on until the spending and debt ceiling debate starts again in the US. I would expect some level of pullback soon, but unless it gets really bad the charts are looking good for more upside.
Charts:
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| FTSE Daily |
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| FTSE Weekly |
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