Mark Austin FTSE Trading Update - 7 March 2011

Good morning

For now the FTSE is moving in line with expectations - referring to Friday's analysis.  We had the decline to 5950 on Friday and we are now looking for some upside. 

The actual wave structure is very complicated at present and you have probably noticed we are getting false signals flying around on both European and American markets. In Elliott Wave Theory if the count is complicated it is generally corrective. If its a clear count its impulsive. For this reason this lengthy sideways move on the FTSE is most likely corrective with higher prices on the way however I remain cautious with all the Geo Political instability surrounding us.  Obviously a move below 5860 would change things.

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Mark Austin FTSE Trading Update - 4 March 2011

Good morning

The FTSE broke out of a double bottom formation yesterday with a close above 6000. (see chart)  This is positive action and signals a move to 6090 and even new highs.

Support for the Index lies at 5915.

At this stage only a close below 5860 compromises further gains in this market but I will point out that if the FTSE did penetrate this level from current levels it would be a serious set back. From a price action perspective the index would basically be sending a message that activity over 6000 is unsustainable in this economic climate.

In the short term we have non farm payrolls today.

Mark Austin FTSE Trading Update - 3 March 2011

Good morning

The sideways pattern for the FTSE continues and we remain stuck between major support at 5860 and major resistance at 6055.

In the short term the bulls have the upper hand after a strong bounce off yesterday's major support at 5861 and the daily chart showing a bullish end of day hammer candlestick formation.

The current price action signals for higher prices towards 5980. The obvious stop for any traders going long in this market is 5860 and a move below here will delay the expectations of fresh highs being made in this market.

Mark Austin FTSE Trading Update - 2 March 2011

Good morning

The FTSE this morning is faced with another negative outside day ( a new low and new high was made when compared to the previous trading day and the index closed on a low) and is resting on major support at 5870. A familiar picture is this sideways market.  

I still maintain we need an end of day close under 5820 to confirm a top is in place on this market however the failed retest and false break at 6000 which I sent through to you yesterday is certainly bearish.

Mark Austin FTSE Trading Service - 1 March 2011

Good morning

The FTSE is trading in a rectangle sideways formation between 5920 and 6105.  At this point a close above 6055 will indicate new highs (above 6105) for the FTSE.  Buying opportunities remain near to 5950 with stops under 5920.

I have a magnet target at 6006 this morning but its the 1st of the month so we have to be slightly cautious targeting this. Funds usually commit large cash investments on these days. 

Link to our webinar recording

Dear all

We held our 3rd webinar event on Saturday covering systems, psychology and POM.  For those who could not attend please find the recorded version.

http://tinyurl.com/698anws