• 518 days Will The ECB Continue To Hike Rates?
  • 518 days Forbes: Aramco Remains Largest Company In The Middle East
  • 520 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 920 days Could Crypto Overtake Traditional Investment?
  • 924 days Americans Still Quitting Jobs At Record Pace
  • 926 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 929 days Is The Dollar Too Strong?
  • 930 days Big Tech Disappoints Investors on Earnings Calls
  • 931 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 932 days China Is Quietly Trying To Distance Itself From Russia
  • 933 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 936 days Crypto Investors Won Big In 2021
  • 937 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 937 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 940 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 940 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 943 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 944 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 944 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 946 days Are NFTs About To Take Over Gaming?
  1. Home
  2. Markets
  3. Other

Footsie Breaks Key Support

The Footsie has just broken some key support I have been monitoring. We already know from previous analysis of the longer term charts that this bull market is on its knees. So let's look in close at the daily chart to see what this potential kill shot looks like.


Footise Daily Chart

Footise Daily Chart
Larger Image

We already know there is a massive triple top on the longer term charts going all the way back to the 1999 top at 6950. Price looks to have just made a marginal false break top at 6974 on the 2nd March.

The lower indicators, the Relative Strength Indicator (RSI), Stochastic, Moving Average Convergence Divergence (MACD) and Momentum, are all showing multiple bearish divergences.

The Bollinger Bands show price is now back to the middle band but the difference this time is the dominance with which price made the move. A big bearish candle today is a stark contrast to the other times over the last couple of months where price has found support at this band.

The key support I have been monitoring stems from the Parabolic Stop and Reverse (PSAR) indicator which pertains to the dots. I have added two sets of dots - one a tight setting and one a loose setting.

We can see price busted the tight setting support yesterday - the high day. Today price confirmed the bear alarm by busting the loose setting support. This looks to be the kill shot. The bull is dead!

 

Back to homepage

Leave a comment

Leave a comment