And now we wait

The big What next?

Yesterday was a nail-biting day. Just after I posted, the FTSE surged by 100 points. Had I blown it and sold too early? There were gyrations throughout the rest of the day and the FTSE ended up 63 points to make a fabulous run up for the week. Then in the evening the DOW, which managed a rise of 124 at its highest, faded to near enough no change by the close.

Dow fades during the day

We have yet to touch the 12200 resistance level. But there has been a volume spike, more pronounced on the S&P, which could signal that we are in for a fall. I have highlighted the areas of congestion, at my long running resistance levels. They are our only guides to what might happen next. Five favour a reversal and one a continuation.  It is amazing how well those support and resistance levels have held.

And so we wait.