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WE GOT CLOSE ENOUGH TO THE ALL TIME HIGH THIS WEEK FOR THIS TO COUNT AS A DOUBLE BOTTOM IN MY OPINION.
FTSE 100 June trades sideways for 4 days as we become severely overbought on the daily chart. The series of 4 Dojis clearly shows the market in balance between buyers & sellers & this pattern can often lead to a correction in such severely overbought conditions - however we do not yet have a clear sell signal.
Update daily by 06:00 GMT.
Dax June we are in a bull trend so buying at support remains the favoured strategy although I am watching carefully for a sell signal as we approach the all time high. A double top would be an important longer term sell signal. We should have support at 15900/850.
A LOW FOR THE DAY EXACTLY HERE YESTERDAY.
A break below 15850 however risks a slide to 15720/700, perhaps as far as 15650/630. Just be aware that a weekly close below the 200 hour MA at 15880 would be the first minor negative signal we have seen for a month.
A break above minor resistance at 16070/090 retests the all time high at 16275/295.
FTSE June break above 7865 hit my next target of 7910/20 with a high for the week exactly here. Just be aware that we are severely overbought after an incredible 500 point gain in just 4 weeks.
Above 7920 this week look for 7955/65.
First downside target & support at 7855/45. A low for the day is certainly possible. Longs need stops below 7830. A break lower however targets 7810/00, perhaps as far as strong support at 7755/35.
