Good morning
The FTSE remains unchanged since yesterday's close (5578) so no early morning trade opportunities.
Key support for this rally continues to lie at 5477 and only an end of day close below this level will convince me that the rally has formed a top. Above this level the market is technically bullish.
The market has been moving sideways (between 5500 -5600) since September 13th and generally a pause of this nature is bullish and calls for higher prices. However given the low volume,over bought conditions and bearish divergence associatd with this rise, the best strategy is to wait for the last leg up to complete. As bullish sentiment increases amongst retail investors the more likely a flash crash becomes. Hence why I issued a cautious stance on this market last week.
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