There are some hurdles to overcome on the chart, most notably the possible divergence on MACD and the resistance (red line) above the price but it won't take much of a push from here for me to think about 5600/5800 as a target.
MrT - yes, sometimes but I mostly trade equities. I use my take on the direction of the market to influence my decsion on how much of my portfolio to have invested at any one time.
The FTSE touched the resistance (red line) and closed shortly below it. Given the DOW's weakness I would expect a retreat tomorrow. Then we'll have to see whether it's got the Ooooomph to get past 5500 or whether in fact we're in for a sharp return to the 5100 or even 5000 area. We wait.
A good week for the FTSE and it ended both over 5500 and just a smidgen over my red (upper) resistance line. If by some miracle that can hold then 5600 becomes the target. The MACD divergence is still in play but less so. It won't take much now for me to want to remove the modestly from the heading. We wait.
