A strong advance Wednesday for the FTSE 100 Future through 7327 and 7354 resistances and a bull gap this morning (7371.5-55) to another new recovery high at 7385, to build on Tuesdays rebound from just above our 7197.5 support (from 7202), sustaining positive forces from the earlier September push through key 7268.5 resistance, to keep risks higher Thursday.
The early September surge above 7268.5 set an intermediate-term bull trend.
Furthermore, European and US equity averages have also been very strong in early September, as highlighted in our articleshere, where you can alos see FX updates.
We see an upside bias for 7385; break here aims for 7400 and 7419, maybe towards 7442.
But below 7371.5 opens risk down to 7355, maybe 7323.
Intermediate-term Outlook - Upside Risks: We see an upside risk for 7442.
Higher targets would be 7666 and 7800.
What Changes This? Below 6999 shifts the intermediate-term outlook straight to an intermediate-term bear theme.