FTSE 5498 - 15 Jan

Market Open

Pivot point 5498 favours Long trades. Resistance at 5520, 5536, 5551, 5570 and 5600. Support at 5480, 5460, 5450, 5422 and 5390. Average move on Friday has been around 71pts. Day range 5474-5545

Market moved up 12pts to 5500 by 08:01, then fell 8 pts to 5492 by 08:06. Strong move up 27pts to 5518 at 08:56. Market drifted down to 5509 by 09:09, 09:17 and 09:26. BB 5480-5520. A close (15min) above 5520 will give a target 5590. Market has not closed above 5515  or below 5458 for the last 3 days (using 15min charts. Market double top at 09:54 5518 and broke through resistance at 5509 heading for 5500. Went Long 5500 with Stop 5490. Indicators were all favouring Long trades with target price drop 5499 and pivot 5498. High 5527 reached at 10:27. Resistance should come in at 5518-5522, but was broken at 10:54 with a low at 11:06 and 11:53 5506. Stop raised to break even and will close if 5509 is broken and closes on 15min chart. Long position closed at 5509. Trend line up with support at 50ema (5502) broken at 12:01. Market fell 37pts from 5520 spike to 5483 by 12:54 and then recovered 24pts to 5507 by 13:35. Pullback 10pts at 14:09 to 5497. Long 5498 with tight Stop 5497, Target 5521. Market got to 5505 by 14:31 before turning down. Stopped out for a loss of 1pt at 5497. Market continued to decline hitting 5459 by 15:41 and closing 5454 near the lows of the day at 5450. Day range 5450-5525 = 75pts

FTSE Targets   Feb - 5450-5800   Mar - 5450-5900

Oil falls to $79  Gold slip below $1140
S&P500 (1148) closed up 2pts 0.1%
Australia All Ordinaries (4899)closed up 2pts 0.6% - Below support 4900.
Japan (10982) closed up 74pts 0.68%  Above 10700 support
Hang Seng (216504) closed down 0.3%. Below resistance at 23000 and above support 21000