Good morning
The FTSE will open higher today and the key point at this stage is whether 5900 can hold.
Prices have entered into the 5900 range on several occasions but failed. Today there are signals indicating a retest at 5900. I would go short for this target if it wasn't Christmas week.
Once a retest occurs the FTSE must not have acceptance under 5900. Otherwise, the target at 6000 will be compromised and we may get a deeper correction before this is due. We have a camarilla break out level at 5965 which if broken will also confirm a short term top is in place.
Trading Opportunities
5900 will attract even if we head higher first. If you are trading this week use low leverage.
If I see something very obvious I will issue an alert but it has to be fairly concrete given my report yesterday regarding low volume
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When I met Mark I was enormously impressed with his FTSE trading abilities, so much so that I decided to recommend him to my clients. John Piper
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