While the media is focused on the noise around Brexit, yesterday the Power of the Pattern shared that Germany (DAX) and London (FTSE) remained above 6-year rising support. See post HERE.
Below takes a closer look at the FTSE index in London, the so called center of the news noise.
CLICK ON CHART TO ENLARGE
As mentioned above, the FTSE Index (London) has been in a down trend the past year (lower highs and lower lows). Over the past 6-years, it remains in an uptrend, so far higher lower and higher highs.
The news last week did NOT cause the FTSE to break rising channel (A) support.
At the time, the FTSE is near falling resistance at (1). Despite all negative attention on Europe last week, the FTSE is closer to a breakout than a breakdown at (1) above.
If Europe is really in trouble from a stock market perspective, rising support channel (A) needs to break and so far it has not.