For the time being at least the long term up trend in the S&P 500 remains firmly in tact. The one glimmer for those of a bearish disposition is the recent sell off which has given an as yet unactivated target of 1,125. A close below 1,175 will bring this in to play. That rally from February has left an unactivated upside target of 1,500. It remains to be seen if this target becomes activated. A close above 1,225 would bring it into play. The more realistic 1,250 target remains in tact.

The hourly and four hourly charts on the FTSE 100 index are much more interesting but here is the closing 25x3 P&F. It can be seen that the uptrend remains firmly in tact but the Tuesday's sell off has given rise to a double bottom sell signal, with an indicated target of 5,375. Remember, the targets are based on P&F rules and may not play out. This target will be negated if the FTSE pushes back above 5,750.

It was a bad day for BP and unsurprisingly so. With 5,000 barrels of oil leaking in to the Gulf of Mexico and lawsuits pending, the shares ended the day down about 6%. The upside target of 635p was reached but we now have an clear double bottom sell signal, with an activated downside target of 520p. BP was trading with an attractive dividend yield of over 6% but that could be under threat now.