The markets opened lower on the news from England that the third largest UK mortgage lender received an injection of money from the bank of England. However, weak retail sales figures boosted hope of a rate cut (I dealt with this development here).
The weekly chart shows a solid gain for the week. Today's sell-off didn't even touch the high Fibonacci level, which should be encouraging for bulls
The daily chart shows a slight increase of upside bias because the close was above the 50 day SMA. However, this week's advance has continued to advance on week volume which is not an encouraging sign.
The short version is everybody is waiting on the Fed right now.
