The London FTSE ($FTSE) dropped over 3% on the prospects of a sovereign default from Dubai. Even with this sharp decline, the medium-term trend is up as the index recorded a new reaction high just two weeks ago. Major support is set in the 4950-5000 area. A break below this level would definitively reverse the uptrend.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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