The 8 day MA is rising again on all main indexes and Thursdays highs reached new weekly highs and are now back in the top areas again. A positive result in the news can easily get new highs especially for the DOW and SP500.
FTSE has only a few point left to get above 5860 and eventually stay there which means for next Monday that the bear market warning is lowered to sideways trend or even up. This Friday and the whole of next week will then give all indexes time to move either to the tops or break out to new highs.
However the US close tonight might not be a new high because next week start the reports for third quarter earnings which can be bad. It is also now only one month to the US election and Obama's computer traders will not see a bad stock market before that date. On the other hand his opponent would not mind seeing a drop in the indexes now. It is impossible to make a correct forecast with these fundamentals and even difficult to draw any conclusions of the technical facts from the hourly trends.
Anyway it will be a very exiting month and maybe a clear technical picture will appear during the period.
FTSE has only a few point left to get above 5860 and eventually stay there which means for next Monday that the bear market warning is lowered to sideways trend or even up. This Friday and the whole of next week will then give all indexes time to move either to the tops or break out to new highs.
However the US close tonight might not be a new high because next week start the reports for third quarter earnings which can be bad. It is also now only one month to the US election and Obama's computer traders will not see a bad stock market before that date. On the other hand his opponent would not mind seeing a drop in the indexes now. It is impossible to make a correct forecast with these fundamentals and even difficult to draw any conclusions of the technical facts from the hourly trends.
Anyway it will be a very exiting month and maybe a clear technical picture will appear during the period.
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