Correction Signalled on Friday 28th Jan

On 21Jan the markets gave the first warning a correction was on the way. S&P500 fell 27 points on Friday 28Jan with the tensions in the Middle East weighing on the the market. S&P500 needs to close above 1290 in the next few days to negate the downturn. Only 1 major market, the German DAX and 1 emerging market Russia is still showing strength. The FTSE 5888 looks like it is heading for a test of the 5700 level by mid February and a possible move down to the low of 5500 later in the month.