Can the blue-chip index make it 12 consecutive ‘up’ days, or will its impressive run end here?
Last Full Day for FTSE 100
We’ve probably all experienced the utter horror of a “friendly” family game of Monopoly/Scrabble on Christmas Day, an event which turns into a battlefield with trust the only casualty.
My own Xmas trauma was different. It involved a game of chess with a six-year-old grand-daughter, so what could go wrong? What is it about Christmas Day which brings out a competitive streak in people?
I’ll admit to something similar, when it comes to face the markets. For a few sessions, I’ve been sagely suggesting 8,750 as a probable ceiling on the Nasdaq. It was one of these inevitable things, an obvious point of reversal.
And so, when the US market opted to gap the market up by 28 points at the open on Friday, it became unpleasantly clear I’d lost this particular battle. The market clearly had its own ideas, concepts which did not align with logic.
The situation with this US market is a bit unpleasant. The next level, the area in which it really must show serious reversal, is at 9,100 points.
But, if going short, doubtless it shall be wise to employ a really tight stop as opening second manipulation tends to spoil every argument.
As for Monday and the FTSE 100, above 7,665 calculates with an immediate potential at 7,686 points. If bettered, secondary works out at 7,698 points. If triggered, the tightest stop is at a reasonable 7,622 points.
To be fair, we’d only expect any real reversal, if below 7,622 points. In such a trigger, the visuals suggest an initial 7,610 with secondary, if broken, down at 7,592 points.
Source: Trends and Targets Past performance is not a guide to future performance
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
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