A spinning top candlestick suggests market indecision for the FTSE 100, says Andy Dodd, Head of Technical Research at Louis Capital Markets.
The candlestick pattern was posted last week on the FTSE (see weekly Chart). As such, Dodd remains neutral on the FTSE until a clear break of the 7123 level occurs, this being the 2015 high and the position of last week’s spinning top candlestick.
On the other side, however, Dodd warns that a monthly close below 6950 would leave a bearish candle on the longer-term monthly chart.
Read the full report, including an analysis of the following futures markets:
Dow Jones Industrial Average
Dow Jones Transportation
STOXX Europe 600
EURO STOXX 50