We remain bearish on the FTSE and calling for a move to 5470 and below. However until we see a decent break below 5600 we are still using 25% normal leverage for any short positions. My analysis will be confirmed if we see the FTSE receive an end of day close below 5570. There is strong support here so could well see a short term bounce in this region and we would use this to go short. Until we see my above criteria it would be unwise to get too bearish just yet and is why for any new short positions I am only using 25% my usual stake.
A move above 5700 at this stage would change the pattern and is short term bullish. I.e a message that this market is happy trading above its MA 200 at 5600.
There is no magnet today.
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