Yesterday we saw the FTSE penetrate 5100 but prices have been rejected and FTSE futures have rallied since the close of yesterday (5109). We need to fall from here (5150) to confirm a final move down towards 5020. If we move through 5165 we may have to prepare for a counter trend rally. A camarilla break out point also lies at 5157 which ties in with this analysis. Although I'm not expecting too much upside and the market will most likely seek out an unfilled closing gap at 5234 from a few days ago. I would go long on a break but the reward is not strong enough and I would prefer to short near to 5230.
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