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Another record close for the FTSE 100

On Friday the FTSE 100 set a new record high at 8,455.77. The index later closed out the week at 8,433.76. That was another record daily close and of course a record weekly close too. The further record gains last week has now pushed the index into overbought territory. The 14 Day RSI was close to 82, as of the close on Friday. However, that does not necessarily mean the index cannot rise further, but at some point it will suffer a correction to that overbought position. Important UK data due this week comes from the latest monthly and quarterly jobs report at 6am tomorrow and then next week from the latest CPI and RPI inflation reports (due May 22 at 6am GMT). The FTSE 100 futures are slightly in the red this morning and currently indicating a reopening at around 8,425 this morning 
 

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