The FTSE is now quoted in the 4340s. For today, and the coming days, my plan is to look for strength on a retrace down (if we get one). There are several support/resistance lines which match viable long ambush zones, and the closest ones are:
- One is in the 4270s to 4290s, and around the 4280 support/resistance line, and it's an ambush long from the close we had on Friday (which is the one Fibonacci retrace on the graph below)
- The other is around the 4240s to 4260s, and close to the 4250 support/resistance: that's a retrace from Thursday's after-hours close.
- So, if we do retrace down today, we could see some strength anywhere between the 4240s to the 4290s, and I'll be looking for strong buy signals in that area on my intraday.
That said, the lower boundary of the ascending channel we are in is slightly lower than the aforementioned levels, so that's something to keep in mind: I'll get in a trade at the levels mentioned only if I see real strength: a daytrade could occur on the short side as well.
As of now, I don't see a lot of weakness in the market: my alternative is to try and scalp a long (or short) if real momentum doesn't develop, or else stay flat.
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