Pivot point 5486 favours Long trades. Resistance at 5520, 5536, 5551, 5570 and 5600. Support at 5480, 5460, 5450, 5422 and 5390. Average move on Thursday has been around 74pts. Day range 5474-5550 giving an Upside target of 5550.
Market spiked up 48pts to 5521 by 08:02, then fell 28pts to 5493 at 08:43. Retrace 61.8% of up move was target to enter 5492 with MACD Bull cross on 15min chart at 08:15. Entered Long at 5495 with target 5550. Market moved up 18 pts to 5513 by 09:20, then drifted down to 5498 by 10:17. Market continued in a narrow 7 pt range up to 5505 until 11:11. 90mins for 10pts should have been the clue to close the trade which was stopped out when the market fell to 5489 by 11:18 and retested at 11:46. Decided to wait for 5480 price (original entry for the last 2 days). Market moved up 21pts to 5510 by 13:10 and 13:22. Market then fell 34pts on poor USA retail Sales news to 5476 at 13:58 and 14:06. Tempted to try again at 5480 but 15min indicators were negative. Market rose 36pts to 5512 by 15:15 before driftng down to close at 5498. Daily range movement was 48pts.
15min Analysis at Close
1. 5498 > 5ema(5497) > 10ema(5497) - PASS
2. Macd (1) and flat - FAIL
3. Stoc(21) - FAIL
Hourly
1. 5498 > 5ema(5493) > 10ema(5492) - PASS
2. Macd (-4) with Bull cross (-11.7) at 09:00 today - PASS
3. Stoc(51) -PASS
FTSE Targets Feb - 5450-5800 Mar - 5450-5900
S&P500 (1146) closed up 10pts 0.9%
Australia All Ordinaries (4929)closed up 29pts 0.6% - Above support 4900.
Japan (10907) closed up 173pts 1.6% Above 10700 support
Hang Seng (21908) is up 0.7%. Below resistance at 23000 and above support 21000.
Oil recovers from 2010 low at $78.37
Gold $1143
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