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FTSE for FRIDAY (FTSE:UKX)\u00a0 Trading around 9527 at time of writing.<\/b><\/p>\n
#FTSE #GOLD The FTSE, never spelled as The Footsie, has the potential to make us cringe for the next year, every time we hear it mentioned. The problem, somewhat inevitably, comes from the Scottish football team who’ve unleashed a wave of dread across the entire country. The issue comes from the media who, each time Scotland qualify for the World Cup, decide it’s the most important thing on the planet and hype up the players potentials even more than LibDems inflate their prospective political candidates.<\/p>\n
Each match is welcomed with a feeling of dread, hoping this shall not be the time the footballers utterly humiliate their own country. There was a memorable quote, a Scottish player recalling a World Cup game against football giants Argentina and regretting an early goal from his own team:<\/p>\n
“Why did we score, we just made them angry!”<\/p>\n
This was an amusing mindset, one we suspect is echoed by the rest of the country as in their hearts, few anticipate the national team to produce any miracles. The only real worry comes from my younger sister who actually watched the football match on TV, literally the first time in her life she’d ever watched a game. Apparently it was brilliant, entertaining throughout, and her husband was delighted that after 25 years of marriage, she’d finally endured the hell of a match from start to finish. She even texted me to ask what I’d thought of the game, my reply asking “Who was playing?” seeming to surprise her despite me also never watching football, rugby, tennis, or any ball game.<\/p>\n
Unfortunately, the FTSE is, from a Scottish perspective, looking capable of proving a bit of an embarrassment just like our national team playing Footsie!<\/p>\n
Market reversals have been quite vivid this week with more than a taste of things being deliberately pushed downward. Now, markets like the Nasdaq, the German DAX, or the Nikkei are poised just above triggers for a 1,000 point drop with the FTSE always anxious to be part of the “me too” crowd, poised for a pro-rata 300 point negative movement.<\/p>\n
The immediate scenario for the FTSE allows traffic below 9500 points to trigger reversals to an initial 9399 points with our secondary, if broken, at 9221 points. The inset on the chart below, showing recent closing prices, highlights the important detail the FTSE needs close a session above 9560 points to cancel our reversal arithmetic. Even daily traffic above 9595 should regain the Red uptrend, ticking a major box in cancelling these drop potentials.<\/p>\n
The “surprise recovery” scenario suggests movement above 9560 should trigger near term traffic toward an initial useless 9573 points with our secondary, if beaten, at 9593 points, giving the market the potential of closing above the point of trend break on the insert below. This also introduces a further potential above 9593 as the bigger picture hints at an initial 9653 points with secondary 9701, negating all the risks of a severe drop ahead while also placing the FTSE in an excellent position to waffle around while doing very little while we sneak up on Christmas.<\/p>\n
Have a good weekend.<\/p>\n
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