Pivot point 5554 favours Short trades. Resistance at 5551, 5570 and 5600. Support at 5524, 5509 and 5494. Average move on Tuesday's has been around 60pts. Day range 5510-5570. Looking for a retest of the daily 10ema (5478) and 20ema(5416) within the next 12 trading days.
Market Close
Market opened up hitting 5549 by 08:15, then proceeded to fall 49pts to 5500 by 09:00. A bounce up to 5520 by 10:30 was followed by a 80pt fall to 5460 by 11:45 which was retested at 13:45. The Market then struggled to retrace 40% of the fall, finishing the day below 5500 at 5498. A loss of 0.71% 39pts on the day Daily range movement was 89pts. Possible Long position 5480 at 14:51 would have earned 18pts based on Long criteria. However, Hourly indicators were still negative and with the market closing below low of previous day's shooting star candle, it all lead to a BEARISH out look.
15min Analysis at Close
1. 5598 > 5ema(5493) > 10ema(5489) - PASS
2. Macd (-4) with Bull cross (-17) at 13:45 (5478) -PASS
Hourly Analysis at Close
1. 5598 > 5ema(5493) > 10ema(5501) - FAIL
2. Macd (-11) with Bear cross (14) at 15:00 on Monday 11th Jan (5552) - FAIL
FTSE Targets Feb - 5450-5800 Mar - 5450-5900
S&P500 (1145) closed up 0.2%.
Australia All Ordinaries (4931)closed down 50pts 1%, Above support at 4900.
Japan (10879) closed up 81pts 0.75% testing 10900. Still Above 10700 support
Hang Seng (22347) is down 0.3%. Below resistance at 23000.
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