Pivot point 5516 favours Short trades. Resistance at 5520, 5536, 5551, 5570 and 5600. Support at 5480, 5460, 5440, 5422 and 5390. Average move on Wednesday has been around 57pts. Day range 5460-5520. Retest of the daily 10ema (5481) occurred yesterday. Looking for a test of the 20ema(5424) and retest of the breakout from 5300 within the next 8 trading days - Friday 22nd Jan.
Trading hours
Market opened down 30pts hitting 5468 by 08:02, then proceeded to rise 35pts to 5503 by 08:47, pulling back to 5489 at 09:01 before a bounce up to the High of the day at 5509 by 09:19. Market then fell to 5484 by 10:02, rising to 5489, before hitting a low at 5474 by 10:47. Low was retested at 12:00 where the Market has bounced strongly up to 5491 by 12:38. and 5495 by 13:49. Market then fell to 5484 at 14:23, testing 4591 (14:33) at the US Open before falling 40pts to 5451 by 15:23 and closing up 23pts at 5474. Daily range movement was 58pts.
15min Analysis at 16:30
1. 5474 > 5ema(5468) > 10ema(5472) - FAIL
2. Macd (-6) with Bear cross (-1) at 15:00 - FAIL
3. Stoc(52) - PASS
Hourly
1. 5474 > 5ema(5476) > 10ema(5482) - FAIL
2. Macd (-13.5) with Bear cross (14) at 15:00 on Monday 11th Jan (5552) - FAIL
3. Stoc(37) - FAIL
15min Analysis at 12:30
1. 5485 > 5ema(5482) > 10ema(5482) - PASS
2. Macd (-4) with Bull cross (-3.5) at 12:30 possibe - PASS
3. Stoc(45) - FAIL
Hourly
1. 5485 > 5ema(5484) > 10ema(5489) - FAIL
2. Macd (-13) with Bear cross (14) at 15:00 on Monday 11th Jan (5552) - FAIL
3. Stoc(29) - FAIL
FTSE Targets Feb - 5450-5800 Mar - 5450-5900
S&P500 (1136) closed down 9pts 0.9%
Australia All Ordinaries (4900)closed down 31pts 0.6% - at 4900.
Japan (10753) closed down 144pts 1.3% Tested 10800. Still Above 10700 support
Hang Seng (21788) is down 2.4%. Below resistance at 23000 and above support 21000.
Oil drops below $80
Gold$1128 flat after tumbling 2.8% on China Bank move
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