Play for Friday, May 8th

I have a tiny short on since yesterday, and after-hours we retraced down to the 4370s area I mentioned yesterday morning for a long: given the timing of the action, I did not close my short and reverse.

Momentum is negative on most intraday charts: however, I'll be watching closely and if necessary reverse my position at any moment.

The FTSE is currently quoted in the high 4430s on the bid side: there is an ambush short area in the 4450s to the 4460s. Below these levels we can find support at several areas, such as the 4370s or 4330s.


Be cautious either way, we are still in the ascending channel and briefly broke above it yesterday.