SpotLite FTSE350 Weekly Technical Report 6 February 2006 - Part I

Report II                 Report III  


SpotLite Euro
Weekly Technical Report
21 February 2006
  
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Index Trends                                                                            

Index  Close  Weekly Volume  Weekly Change 

 P&F Trend 

Stop

 FTSE 100

5759.3 

9,715.1m 

-27.50 

-0.48% 

Bull  

17 Mar 2003 

5100.00 

 FTSE 250

9242.2 

4,700.0m 

+34.30 

+0.37% 

Bull 

13 Jun 2005 

8750.00 

 FTSE 350

2979.8 

14,485.4m 

-10.60 

-0.35% 

Bull 

18 Nov 2005 

2600.00 

 Closing prices through Fri Feb 3, 2006

 

 

 

Table shows previous close of index with weekly change. Point & Figure Trend indicator shows prevailing medium-term trend with date of initiation of trend, as determined by Investors Intelligence three-box reversal methodology. The stop shows the level at which the current trend would reverse.

Breadth Status

 Index

% Bulls 

 % 30wk

 FTSE 100  81.37%  -0.98

 Bull Top

 24-Jan-06

 94.12%

 -0.98

 Bull Confirmed

 3-Nov-05

 FTSE 250  88.31% +4.04

 Bull Confirmed

3-Nov-05 

90.32% 

-0.81

Bull Confirmed

 31-Oct-05

 

 

Investors Intelligence Breadth indicators determine the number of constituent stocks within an index holding P&F uptrends and are used to determine the degree of participation for any index move, with bull markets accompanied by rising or firm breadth statistics. Extreme readings, typically below 10% and above 90% indicate unsustainably low/high investors sentiment and are a sign of oversold or overbought conditions. 

Top 5 Weekly Gains

Code 

Name 

Close 

Wk % Change 

Wk Volume 

 HMV  HMV Group PLC

186 

13.24% 

 89.9m

 SVS  Savills PLC

 1099

 10.34%

1.4m 

 LSE  London Stock Exchange PLC

 768

 8.63%

20.6m 

 TPT  Topps Tiles PLC

 228

 8.57%

4.2m 

 FCAM  F&C Asset Management PLC

 215.5

 8.29%

10.9m 

 

 

 

 

Top 5 Weekly Losses

Code 

Name 

Close 

Wk % Change 

Wk Volume 

 IOT  iSOFT Group PLC

181 

-49.83% 

 105.8m

 CW/  Cable & Wireless PLC

 97.5

-15.03%

686.7m 

 BUR Burren Energy PLC

996

-9.45%

10.0m 

 CSR CSR PLC

 1100

-8.86%

7.6m 

 PRTY  Party Gaming PLC

 130.5

-7.45%

156.9m 

 

 

 

 

Indices

image001 (2).jpgLast week's price action was rather choppy, following a sharp countertrend reaction on the leading US indices. Even so, the UK indices faired well and managed to hold onto their recent gains.

On the FTSE350, bulls need to reignite strength through psychological resistance at 3000 and extend its primary upward trend.

Until such a time we continue to monitor near-term support levels, along the 20 day moving average. These levels come in on the FTSE100 at 5720, on FTSE250 at 9030 and finally on the FTSE350 at 2950. A break below these levels would offer us early signs of trend weakness, back to the January reaction lows.

From an indicator perspective, we highlight the MACD (a trend-following momentum indicator that shows the relationship between two price moving averages), developing short-term negative divergence, as it fails to register a higher high, against the rising price trend backdrop, (See bottom axis on chart, above).

left 1.JPG

Breadth data has not made any significant changes, with the FTSE250 bullish% indicator (see, right) edging marginally lower from its overbought conditions.

Our technical assessment remains positive, while breadth data holds above the key 80% zone.

Meanwhile, only a decisive move below the 80% level would offer uptrend weakness and suggest  that the proportion of stocks within a group (secotr or index) are losing their P&F uptrends.

Further reading



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