As mentioned in the previous update for FTSE, I was expecting FTSE to drop to 4382. The actual low it managed to put in was 4410.5. That's a miss of about 28.5 points. Again, not too bad, I suppose!
Despite a significant fall during the first half, the index managed a pretty smart recovery during the second. Where from here? There's some possibility of further upside action. However if the index does drop and penetrate the current active channel, we could see some serious downside. Friday's action should offer clear clues to future direction. The fact that the index has returned to a level below the the 360 degree line on the Square of Nine Grid does suggest there could be more bearish action to follow.
Trading-wise, it was a good day for me. Shorts did very well initially. The latter half of the day was for longs and I picked up a few points there as well.
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