The FTSE will open strong today on the back of the US debt deal being announced in the early hours of this morning. The agreement will be voted on today but the market is already pricing in a positive outcome. Whether we see a ''buy the rumour, sell the actual new release'' scenario remains to be seen.
We did see a break of 5795 on Friday which indicated we would see a final decline towards 5700 and then a good buying opportunity but with positive news out the probabilities of this are diminishing and an end of day close above 5930 would be a bullish sign at this stage. Once the vote has agreed (hopefully today) we will be looking for a long opportunity.
Today the Magnet stands.
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