FTSE - So where is the support

i see fallond agrees almost to the letter with my own theory:

www.fallondpicks.com

Dec 20th: There was very little to add to Tuesday's action. My chief interest remains the tech market internals [$NASI, $NAA50 and $BPCOMPQ] as their supporting technicals continue to drop like a stone (chiefly the ultimate oscillator, but also bullish trend strength [+DI]). Long standing bearish divergences in the MACDs of $NASI, $NAA50 and $BPCOMPQ don't look likely to break upside any time soon. Weak technicals will keep the tech market internals in their current declines, which in itself will break the NASDAQ and NASDAQ 100. It is not a question of 'if', but 'when'.

Although the indices are unlikely to change too much before 2007 rolls in, one can look forward to an exciting January - one way or the other. The next list will be sent on December 26th. Have a great Christmas!