The FTSE closed last week over 5449 (market high during the consolidation period between August - October) which is a short term bullish sign and we could see higher prices towards 5600-5750 unless we see the market drop below here.
The daily chart also has the EMA 20 AND EMA 50 (moving averages) just about to cross over which could well suck in some long traders before we see any reversal. This would tie in with traders buying the rumours of a concrete rescue plan for the EU but selling the facts later during the week. The last meeting for the EU summit will be held on Wednesday (the deadline).
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