FTSE 100英國富時 100

The FTSE keeps pinning itself to the top of its 5- and 20-day ranges above 10,800 — this is a trend that refuses to blink, and I'm riding it rather than fading it. The risk is obvious: it's stretched, so a soft week could shake out late buyers, but the path of least resistance still points up.

Bullish. The FTSE has stair-stepped to fresh highs above 10,800 almost every session, and the defensive, commodity-heavy mix is getting paid while Asia wobbles. It is stretched near the top of its range, so a breather wouldn't shock me, but I won't fade this trend yet.

Leaning bullish on the FTSE: it sits near the top of its 5-day range, and its heavy energy and commodity weighting turns elevated oil prices into a tailwind rather than a threat. Rising global yields are the cap to watch, but London is one of the better-insulated boards right now.

Leaning bullish on the FTSE even though the quant reads it as dead-centre: it held near 10,650 and remains in the upper part of its short-term ranges. With crude pressing higher, the index's heavy energy weighting is a tailwind most other markets don't have — a quiet, defensive kind of strength.

Fading the quant's neutral and leaning bullish on the FTSE: it just tagged the top of its 5-day range, and its heavy energy and miner weighting benefits while crude stays elevated on Middle East risk. A defensive, value-tilted index looks like a comfortable place to hide if US tech keeps wobbling.

I'm fading the soft quant score here: the FTSE has clawed back from 10,440 to above 10,550 in two sessions, and that kind of steady bid in a defensive, dividend-heavy index usually doesn't vanish overnight. Not a thrilling setup, but the path of least resistance looks gently higher unless commodities roll over.