Taken from www.charmercharts.com

FTSE 100:

FTSE managed to get above late 2011 high of 5763 but couldn't get to resistance at 5771. We now have a big double top in play and as we have said all week the only way to alleviate the pressure on the market is to break, and close, above 5775.

With this in mind we would look to sell this market up at yesterdays highs adding to at 5771 keeping stops above 5785. If we do manage to make it above here look to 5814/20 as your first upside target before 5840/46 and then 5879/80 before 5896.

Support found at 5746/48 and then 5712 before yesterdays lows and recent trend line at 5696. Below here we find fib support at 5679 before good support and the weeks lows at 5652. This may hold as we would be oversold short term however if we break below here look for 5625 before 5602 and then 5587/81 this area is strong support and we would look to cover shorts in this area.

S&P 500:

S&P made it to our upside target of 1328/29 which is where we advised to take profits on long positions. The market did indeed top out right here yesterday and has since returned to the second Fibonacci retracement target of 1308.

The daily stochastics are indicating continued weakness in this market so a policy of selling in to rallies
may become the less risky strategy in the next couple of sessions at least. The first hurdle on a bounce is 1316/18 but if we make it through there we look for 1324/26 as a selling opportunity. Stops on shorts needed above 1330...If above 1330 we would be likely to trade to 1337 possibly 1342 before sellers come back into the market.

Failure to get through 1318 keeps the short term pressure to the downside for another test of 1308. Failure here later today sees us continue lower to 1302/01 for short covering. Attempt longs from here down to 1298 with stops needed below 1293 for a test of 1286 support next.

Russia RTS Index:

RTS had a good rally up and broke above good resistance at 1566 however we couldn't make any further gains and we have seen a bit of a pullback below this level in todays trading so far.

Support on the pullback is found at 1554 and below here 1541 and then if we see a decent pullback we should be held by support at 1527/31 this area should hold the downside for today. However below here we have further support at 1521 before a strong area of support between 1516/1510/1506.

If we manage to make further gains look to resistance at December highs at 1566 before yesterdays highs at 1574. Next target on the upside is 1596 before 1605 and then 1628.