The FTSE 100 hit a new intraday record as the pound weakened after unemployment rose and wage growth slowed — this has boosted expectations that the Bank of England may cut interest rates. As a result the FTSE 100 is rallying faster than the S&P 500, given that the S&P should rally further (target 7000), chances are the FTSE 100 rally is far from complete. However, stock markets are approaching major tops, there is still upside but limited upside. One clue, the decline in Bitcoin and other cryptocurrencies, the correlation between S&P and crypto has broken, this is not what you normally see in the midst of a bull market. A negative correlation occurs at market bottoms and market tops.
Insider and institutional selling: Some tech stocks have experienced sharp declines recently, another indication investors are not comfortable holding these tech stocks. Oracle is down 28% in the last month, Meta is down 21% in the last two months. Shares in Nvidia have not dropped substantially but institutions are selling. SoftBank announced yesterday that it sold its entire $5.8 billion stake in Nvidia. And one of the greatest investors, Warren Buffet, is sitting on a pile of cash. The message is clear, the bull market is underway but there will be a better opportunity to buy. I believe the FTSE is in its final move up which is wave vC, the target is 10000 or higher.