Looking at the Yearly Chart25 Jun 2024 13:09
....the last downward trend, starting on Mon 3rd June, there was obviously heavy selling pressure- seemingly the shorters pulling it down hard, this ended up creating bearish divergence between the SP and the RSI over all . You can see this if you compare the 2 most recent lows, 90p or so on Wed 27th Mar 24, then 119.4p on Wed 19th June. Taking these 2 points the general SP trend was upwards, but the recent selling caused bearish divergence, over all,( between these 2 points), mainly from about the 3rd June on, (overall the RSI was in a down trend through this period), and despite the heavy selling, the SP still bounced off the bottom of the rising trend channel.
Bearing in mind, if you like, the false drop and looking into my crystal ball, I would say there's a good chance we'll break the 200p mark on the current uptrend with current strength of buying. Let's see if I'm talking any sort of sense...or if I'm talking out of my buttenski.
Guess we'll see what the shorters get up to again, or not.
GLA