FTSE 100 Index futures for the week of December 17, 2012, Technical Analysis

The FTSE 100 futures attempted to rally during the week, and did gain a little bit during the week currently and are banging into serious resistance. The candle for the previous five sessions as essentially a doji, and as such it looks like the resistance is trying to hold.

We don’t consider this market broken out until we get above the 6000 level. We see the area between 5900 and 6000 as being a big huge “resistance zone”, and as such is going to be very difficult to gain from here. We see no long-term trades in this market until we are above the 6000 level as there is simply far too much support underneath the market right now. Essentially, we are “stuck” in this area until we can break a little bit higher.