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The FTSE 100 Index rallied off of the 5750 level on Thursday, but gave back quite a bit of the gains at the 5800 level. In fact, the candle that was formed for the session was a shooting star, and more importantly right after a massive bearish candle.
There is a little bit of a trend line that we are sitting on top of right now, so a break below the bottom of the shooting star would actually be very bearish. This is what is known as a "continuation shooting star", and this could be one of the stronger bearish signals out there. Whether or not this market collapses after a break down below the 5750 level is debatable, but it does look like if this happens we could see a move down to 5650 or so before it's all said and done.
Alternately, if we managed to close above the 5800 level this would show the shooting star been broken to the upside, and this of course is a very bullish signal. In a sense, this candle is traded much like a doji, meaning that we are just simply going the direction that the market breaks in. In a world full of quantitative easing however, one would suspect that even if we do fall it won't last too horribly long.