The service swing trade target has just about been met. From a correctional point of view the market has done what it needed and pulled back into the 50 moving day average on the daily chart and also retraced 50% of the 5 wave advance (see chart). An end of day close above 6000 from here would indicate we are going to make fresh highs above 6105 in the next few weeks. Whilst we remain under 5929 the bears are in control but and I not a seller from current levels.
A few things to take into consideration today
Its a Tuesday and as we are in a overall bull market these are usually positive days however today there is no dividend on the FTSE which is very unusual. Its the dividend element which adds to bullish tone for these trading days.
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