The FTSE failed to make a new high (above last week high), this happened despite renewed hopes that China will take further accommodative monetary policy action. It seems that the early enthusiasm is gone, that's not surprising because the announcement of a market moving event at the end of an Elliott wave has a temporary effect on prices. When the market is ready to go down, good news or not, it will go down.
This week is Thanksgiving in the US. The market does not tend to fall during that period, so the period from tomorrow to the end of the week is positive for stocks. On the daily chart the FTSE is in a resistance area above the 200-day moving average, inside the long term ending diagonal and at the 78% retracement level.
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