FTSE 100 breaking through crucial level
Friday saw substantial losses for the FTSE, with traders focusing in on the economics of the NFP number rather than the monetary policy implications. However, the second part of the argument has come into play since, with the index going on to rally.
Crucially, we have seen price surpass Friday’s high of 6253, which negates the post-NFP sell-off. With this in mind, further gains seem likely, with long preferred on pullbacks. Key resistance levels to watch are 6273, 6281 and 6293. A break back below 6227 would cancel out this bullish view.