Cac40 Index update: Holding up uncannily well here. Close shorts
Cac 40 index is holding up surprisingly well at current levels waiting for someone/thing to propel it higher still. It just isn't behaving in a bearish manner, if it was it would be much weaker today so am closing short at meagre profit and thinking more about upside potential from here...am thinking I'm wrong here to be bearish because If this index can break above 5300 it should unleash another wave of buying power strong enough to reach 5744, then 5865. Will not return to a bear stance unless 5225 is broken (which could still happen if Alphabet disappoints - but don't see that happening and neither does this index by the way it's behaving so far this week. Nevertheless it's better to be prepared for it, triggered by a fall below 5225)
Still fascinated by Cac's behaviour but we could well see a break out to upside when US opens.
Meanwhile FTSE 100 has been behaving almost perfectly from a technical perspective today and it's really annoying not being able to upload a chart for next 2 hours. FTSE's come back to the top of the gap created at the start of the week at 7193, making a low at 7195. It should hold here ahead of US open and then should begin to rally on Nasdaq strength. Only if it falls below 7190 should it be shorted back to the bottom of the gap at 7150 where it should be bought again.
Don't think this will happen but it needs covering just in case. Would rather be long from 7195 with stop just under 7190....if we do hold up at 7195 then think about price action from a technical perspective: came back to the top of the gap and rallied again...that is strong price action...so let's see if we get it