Yesterday – notes Greg Secker – the FTSE100 closed up 156 points at 4,209. This was the first time this year that we saw 2 successive green bars on the daily chart. The low test bar on Friday tested the 4,000 and today we see that it was rejected. This may signal that the lows at 3,700 may not be re-tested as the index rallies to test the neckline of the double bottom. The Dow opened the day yesterday with clear strength as the index rallied from 8,000 to 8,225 before failing. The index then dropped back to 8,000 before bouncing to the Close, ending the day with a gain of 38 points. Today on the Forex news we see the German IFO Business Climate news release at 09:00GMT. This release is composite index based on surveyed manufacturers, builders, retailers and wholesalers. IF the actual is greater than the forecast then this is good for the currency. Then at 11.00 our CBI Realised Sales are going to be released. The forecast is for a fall of 53. This is a leading indicator of consumer spending because retailer and wholesaler sales are directly influenced by consumer buying levels. Then at 15:00 GMT the US Consumer Confidence is going to be released. The forecast is for a reduction of 38.7. If the actual figure is greater than the forecast then this is good for the currency.
