FTSE to test 50-day SMA
We are still drumming our fingers awaiting a daily close above the 6800 level, which has eluded the index so far this week. Yesterday the market toyed with the 50-day simple moving average (6811), but has stalled. A firm move higher through the 50-day would cement the uptrend nicely, and leave it on track to test 6850.
The FTSE has still managed to break through the descending trendline from late May, leaving the bullish picture intact. As we await news from Germany on whether the latest bailout has passed, today may slip by in a fairly uneventful fashion.