Dom's still bullish
From The Trader
Daily market outlook
28 February 2014
EUROPEAN OVERVIEW
Stocks are once again consolidating ahead of what I see as likely fresh highs. The latest pullback has done no damage to the overall uptrend. Nor is there any sign of the kind of overbullishness that often accompanies the start of significant sell-offs. This week’s AAII survey of US retail investors puts the bulls on 39.7%, in line with the long-term average. This gives me confidence in trying to buy the indices anew.
Today's Market Focus
FTSE to take flight
The FTSE’s latest pullback has taken it further than I had envisaged. I had seen a retreat to the 13-fourhourly EMA as most likely, whereas the index has dropped to the 55-EMA. No matter, though. The uptrend remains convincingly intact. I am confident we’ll see an attack on 6889 and then 6950.6.
DAY: I’d buy a bounce from here (6794).
POSITION: I’d buy a bounce from here (6794).
SUPPORT RESISTANCE
6771.2 7000.5
6717.5 6950.6
6693.5 6900.1
6641.2 6867.2