Update – 13:48 ignore all this!!! NFP was good news, stopped out for -50 on the DEC short.
This is the latest 4 hour chart and the MACD is gearing up for a cross, and the RSI has crossed down through the 70 level. It looks to be turning bearish so I am happy to hold my DEC short though any spikes up. I will close it however if it really starts to run away! According to Bianca http://www.biancatrends.com/FTSE.php we are well above the 20day channel top here – a line that often holds true, so I am expecting a bit of pullback to get back into the channel. The 10 day channel top is 5437 for the moment, but all 3 resistance levels are below that and, being Friday I expect them to hold (R3 5424) with a bit of profit taking into the weekend. I have also seen some posts indicating a bear flag forming on the FTSE. We could though double top at 5430 (August 9th high) and if we see that level then I will be adding to my Dec Short.
