Summary for Week Ending 2nd September 2006
Again, news is thin on the ground. There is plenty happening around the world but nothing that I can see that would have any lasting impact on the market.
Last week...
Most of the week the market behaved as expected and traded within a tight range once again. The surprise packet was Friday which saw a jump forwards. I know I've been saying that I expect the market to trade within a range, and the range is very large, however I'm still convinced that this rally that has been on for the past 45 calendar days should be all it has in it. The market has rested and risen above the line of minor support, which in normal terms is a bullish pattern not a bearish on, and this was displayed this week, however I don't think that there is anything behind this movement and it will be short lived from this point onwards. the 45 day level is also of interest, however we will have to wait until next week unfolds to tell if I'm right or wrong. A break below 1290 is the marker to look for, followed by a rally to a lower high.
Next Week : Again...we wait and see and watch if the market behaves as expected....
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