Weekly Footsie

[Splitlink]

When a trend line on the Footsie weekly chart gets cut downwards, on previous occasions there has been a period of downward movement lasting for , usually, several weeks. This has not resulted in a bear market but, certainly, I shall be slanting towards the short side for a while until it is resolved.

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[bawukr]

No comments

 

[bawukr]

All text on picture

 

[Lightning McQueen]

This past weeks move certainly has put the cat among the pigeons on a weekly chart. we shall have to wait a bit most probably for any conformation that this is the end of the 2003 bull run, I would stick my neck out and say that these large down bars precede a strong move up but the MA has been broken with a close below...very bearish indeed.

I haven't kept up to date with market news, what black swan has sailed up the estuary this time, getting fat on FT supplements? have the recent floods released a flock of them from somewhere?

 

[fibonelli]

I keep an eye on the FTSE100 but don't trade it.

Index again below 200EMA and below 2003 trendline (thick ascending line). Hugely oversold wrt Momentum and Bollinger Bands. Volume looks a mess though.

FTSE250 is even worse.

 

[Lightning McQueen]

Well its half time today, Ftse's been on a down trend since 18:00 yesterday by my reckoning if it cant close up above the 6250 mark by the end of the week then the 2003 bull maybe out of puff and a tad knackered.

I haven't looked in the dow bear thread recently, have the perma bears come back to play yet or are they skint from shorting the bull for the past year or so?

 

[brutusdog]

Well its half time today, Ftse's been on a down trend since 18:00 yesterday by my reckoning if it cant close up above the 6250 mark by the end of the week then the 2003 bull maybe out of puff and a tad knackered.

I haven't looked in the dow bear thread recently, have the perma bears come back to play yet or are they skint from shorting the bull for the past year or so?

plus the failure of the index at breaking highs of 2000. also the last 4 swing lows on the daily chart have been taken out by the latest down move.

 

[Azimut]

FTSE could dip anywhere between 30 and 80 points, testing the lows around 6190 or heading down to the 2.618 level at 6120. After that there is a bull leg to come. The tricky bit is finding the low! The bounce back in the region of 6559 imho

 

[Hoggums]

Well its half time today, Ftse's been on a down trend since 18:00 yesterday by my reckoning if it cant close up above the 6250 mark by the end of the week then the 2003 bull maybe out of puff and a tad knackered.

I haven't looked in the dow bear thread recently, have the perma bears come back to play yet or are they skint from shorting the bull for the past year or so?

I don't think the bull run is over - this correction is far too quick and severe to be sustained. The problem is although the FTSE looks as though it's fully 'corrected' the DAX and US charts do not - so the FTSE will get dragged down further below some key technical support levels as the rest of the world catches up. Once the sub-prime dust has settled then I think normal service will be resumed.

 

[Splitlink]

Groan! Why didn't I stay at sea? I just got paid for carrying it about, someone else worried about selling the stuff.

Split

 

[Azimut]

A lot of long lower wicks on the candles (ftse 30 min) at these levels for the past 3 days.

 

[Lightning McQueen]

I don't think the bull run is over - this correction is far too quick and severe to be sustained. The problem is although the FTSE looks as though it's fully 'corrected' the DAX and US charts do not - so the FTSE will get dragged down further below some key technical support levels as the rest of the world catches up. Once the sub-prime dust has settled then I think normal service will be resumed.

Yes, agreed Hoggums, the Dax and Dow do not look under pressure as does Ftse, the US looking the strongest chart wise with the Dax's move up stuck at its previous high of 2000 recently, the Dow having no such problems blowing away its previous all time high last October. Was the last retracement Feb/Mar caused by sub-prime issues?

Hey split, good thread you've started here, nice and unhurried pace of looking at things.


With Ftse still to reach its previous 2000 high, it sure makes you proud to be british and the health of UK plc and its manufacturing greatness. (wot no tongue in cheek smilie)

 

[Azimut]

A view on the FTSE

What I'm looking at

 

[Splitlink]

Don,

I'm being careful not to comment! I'm not trading on a weekly basis.

Each time zone is a completely different argument, as far as trends are concerned. By the end of the week I might be broke!

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