On 26th July 2007, FTSE 100 fell through its ascending supportline that lasted for 4 years (from the two minima of 12 March 2003 to 14 March 2007).
The other indexes (Dow, S&P, Dax) are very close to the bottom of their 'channel' and this morning FTSE even fell through the 6000 level, with a nearly 50 point market gap and is now trading at 300 points below the former ascending 'support'.
This looks to me as a trend change, since I cannot find support levels and the ones I could detect have already been hit (6000 with FTSE 100, 7350 with Dax, 12800 with Dow).
It is also striking to see how these (very big) moves of the indexes reflect into the moves on the FX like USD/JPY, EUR/JPY etc.
A very bizar thing to me is to see how 'subprime' lending problems in the United States can cause the EURO to collapse in regard to the YEN.
The other indexes (Dow, S&P, Dax) are very close to the bottom of their 'channel' and this morning FTSE even fell through the 6000 level, with a nearly 50 point market gap and is now trading at 300 points below the former ascending 'support'.
This looks to me as a trend change, since I cannot find support levels and the ones I could detect have already been hit (6000 with FTSE 100, 7350 with Dax, 12800 with Dow).
It is also striking to see how these (very big) moves of the indexes reflect into the moves on the FX like USD/JPY, EUR/JPY etc.
A very bizar thing to me is to see how 'subprime' lending problems in the United States can cause the EURO to collapse in regard to the YEN.