FTSE 25th Sep 2007

Was expecting the market to go down today and it certainly obliged.  Had some good shorts and actually a couple of anti-trend longs too!

Outlook for 26th Sep 2007:  For this exercise, I have switched to Pitchforks.  As is evident, FTSE is in a definite downtrend.  The yellow pitchfork seems to suggest there should be more downside to follow as we have not yet hit the median line.  Possible target should be in the vicinity of 6300.  Should it go below the median line we could be looking at something as low as 6100 or so.  Obviously the target won't be hit in a matter of a single day and is likely to be drawn out over a three day period or so.

Supporting the bearish outlook is the fact that on the EOD chart, FTSE has closed below its three-day balance point.  But it can't be all bearish, can it?  You guessed right.  The lone Pattern Trapper signal for tomorrow suggests a High Breakout.  And since I am short and Sod's Law works best when I take a position, chances are the index will actually rise!  Good luck to me tomorrow!