FTSE Chart Analysis – Lifting on Heels of Surge in S&P 500, but Not Meaningful

FTSE Technical Highlights:

  • FTSE starts day on positive note with help of Powell, SP 500
  • Price action still sluggish, suggests market only digesting prior losses
  • Still in the works relatively soon; a weekly close below March/Oct lows is big trouble

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FTSE starts day on positive note with help of Powell, SP 500

Yesterday, shortly after European trade closed Fed Chairman Powell delivered a speech where he eased up on the Fed’s hawkish tone, which sent U.S. markets spiraling higher and with it sympathy moves out of other major global markets to start today. But it may not last long, trend and market tone are still negative.

As of late the FTSE has been caught in a washing machine of choppy trading, making the past month or so difficult and also indicative of corrective price action of the last down-move during October. It is currently trying to cross a trend-line from September, one it was rejected from yesterday.

A break above may allow for the market to trade higher

Article source: https://www.dailyfx.com/forex/technical/home/analysis/uk100/2018/11/29/FTSE-Chart-Analysis-Lifting-on-Heels-of-Surge-in-SP-500-but-Not-Meaningful-PRtech.html