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This holding pattern within an uptrend typifies healthy churn, however, with no sign of any intimidation. And, importantly, the index continues to maintain its ground above my former target band and new support (defined as 6491-6556). My target at 6922 remains entirely on track.
There appear to be early signs of stabilisation in the European economy, particularly in the problem nations which have endured so much austerity-driven pain. If these early signals convert to a broader, more widespread recovery, the recent resilience in peripheral European stock markets may gain further traction too [see my
specific update today on Spain]. Any stabilisation/recovery in these economies would clearly benefit the UK stock market, and might lead to a further re-rating of the influential banking/financial sector.
I expect the support band of 6491-6556 to hold firm. Only weakness beneath 6491 would lead me to doubt my near-term outlook.
Recommendation: stay long. Target 6922. Stop-losses can be raised to activate on momentum beneath 6400.