Mark Austin FTSE Trading Update - 9 May 2011

Good morning

We held a major support level at 5855 on Friday which keeps the major trend bullish however we were unable to avoid a negative outside week as the FTSE closed under 6000 (a negative signal).  This will create uncertainly in the market for traders and I therefore expect a week of consolidation between 5900 and 6050 until the next major move is confirmed. A negative outside week is when the FTSE makes a new high and new low when compared to the previous week and also closes below the previous week's low.

Today's trade set up

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Mark Austin FTSE Trading Update - 6 May 2011

Good morning

A key day today both in terms of technical levels and news releases.

If the bulls want to regain control in this market they really need to avoid a close below 6000 today otherwise a negative ''outside week'' will appear on the charts which I mentioned yesterday.

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Mark Austin FTSE Trading Update - 5 May 2011

Good morning

The FTSE closed under 6000 last night and under the daily moving average 20 and this is a short term negative signal. However, I will point out that this particular signal has created a bear trap on several previous occasions since we started rallying last year so I would prefer to see one more close below 6000 to read too much into this.  

Likewise I am not placing positional (medium term trade set ups) long trades just yet for several important reasons.

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Mark Austin FTSE Trading Update - 4 May 2011

Good morning

On the attached chart you will note we are currently (6030) resting at support on the daily chart, the MA 20 and also the 38.20 retracement level.  We are treating this move down as a correction and if we had not failed to make new highs yesterday above 6106 (failed retest) this could be viewed as a good place to position long.

Mark Austin FTSE Trading Update - 3 May 2011

Good morning

After 4 days closed the FTSE will open for the first trading day of a new month. Traditionally bullish days with funds committing new monies.  

The FTSE has now made new highs above 6106 on 2 occasions but out of hours. We have yet to see the index make a new high above 6106 during official cash hours (8am-4.30pm).  A daily close above 6106 will be a ''triple top'' break out and this will support positioning long on the next pull back with stops at 5840.  Ideally any pull back will be just under the Moving Average 20 which is positioned at 5970 on the weekly chart.

Mark Austin FTSE Trading Update - 28 April 2011

Good morning

As expected the break of 6070 yesterday has subsequently led to new highs above 6106 on the futures chart and we are now entering a very important area for the markets both on the FTSE and other global markets. I would therefore like to briefly look at the ''bigger'' picture of what we can expect on a longer term basis.

Attached is a chart dating back to 1985.  If the analysis is correct we can expect a major peak to occur around the 6700 mark before a major decline occurs to levels sub 4000.

However, in order to achieve this the following factors need to be adhered-

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Mark Austin FTSE Trading Update - 27 April 2011

Good morning

As per yesterday's report the FTSE is flirting with the upper parameter at 6070 and we have already seen a market close above 6050 so a clear break of 6070 today should lead to higher prices above 6100.  If the market is to reject this level (6055-6070) once more the FTSE would need to sell off immediately at the open (8am).

Support now lies at 6050 and the market stays positive above here.

We still have the gap at 5922 but the market will only target this on a move below 6030.

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