FTSE 100英國富時 100

Bearish. The headline range score still says elevated, but that's mostly last quarter's move - the 20-day read has faded hard and the index just took a sharp 1.4%-plus knock as UK gilts get caught in the same global bond-yield squeeze hitting equities everywhere. I'd fade the still-high score here rather than trust it.

FTSE 100 is basically treading water — barely unchanged the past couple of sessions even as the rest of Europe wobbled through a bond-yield scare. The range position looks decent on paper, but there's no real conviction in the tape right now, so I'm calling this one neutral.

No strong edge here — FTSE's heavy energy weighting is getting a lift from crude pushing back above $85, but that's offset by soft basic-resources names and the same bond-yield/risk-off pressure hitting the rest of Europe. The quant's conviction on this one is weak too, and I'm not going to manufacture confidence it doesn't have.

The quant board still tags FTSE bullish on its 60-day range, but that undersells the recent slide — it's sitting near the bottom of its 5-day range after slipping from record territory while Frankfurt keeps outrunning London. Call this one genuinely stuck: longer-term uptrend intact, near-term momentum has stalled.

Bearish, and Friday argued the case better than I could. London slipped another 22 points to 10,750.11 for a sixth straight lower close, on the very day Frankfurt added 0.5% and did essentially all the work in Europe. When an index cannot lift in a week handed soft US inflation, a friendlier rate path and gold near its highs, the problem is not the weather - it is the passenger list.

Bearish, and this call keeps getting easier to make. London closed at 10,772.67 for a fifth straight lower close, and now even the tailwind is turning: the slide in crude that helped lift Wall Street to a record takes money straight out of the FTSE's energy majors. Gold up at the highs is still propping up the mining half, and that is the fair counter to me. But an index that fell all week while the rest of the world rallied does not get the benefit of the doubt.