A strong up day for the FTSE yesterday after holding key support at 5720. We can't get too bearish whilst we trade above this level (5720) but I also think the index will struggle to gain ground above 5800 before a pull back to relieve over bought conditions. The daily RSI diverges negatively against current price action which supports my view for limited upside from here. In terms of a pull back , 5700 is the most likely area for now. Once we see this area I can decide whether we have seen a top in this market or not. This rally is all about squeezing the bears until they give up. Then we fall. Yesterday would have a done a good job at doing this.
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