The FTSE 100 Index hit our initial (and cancelled) short entry zone on Friday. We cancelled this before the zone was hit because we felt (and still feel) that the FTSE has some potential left in it – along with the SPX.
Further growth in the FTSE could take us to a medium term top (our THICK RED LINE) which mathematically makes sense to us from both a level and a timing point of view.
Obviously we may be incorrect but we can’t confidently recommend a low risk high reward opportunity at this point – i.e. the return ratio would be less than 3:1 which simply isn’t good enough.
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