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Here are the trends for today

FTSE trends

FTSE trends

We are stil short from yesterday 5935, plus added another short at 5955, bringing us average short at 5945.

I am fairly confident of a drop, based on my 4 hour chart, showing the MACD cross to the downside (circled). I expect down today and tomorrow. The Santa Rally effect has possibly already kicked in early December. Thinking cynically (best thing to do when trading in my opinion), if something is so predictable such as the Santa Rally then all the more reason to lure people in then leave them high and dry. People (mainly PI’s) will have bought in yesterday, thinking they were going to make a quick 10% this week, however the “masters of the universe” to coin a phrase won’t have that so will probably drop it 10% instead.

4 Hour FTSE

4 Hour FTSE

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