We’ve posted a few charts on the London FTSE 100 and UK stocks over the past 6 months or so including 1/15/14 posts on the FTSE and iShares UK ($EWU) and our FTSE Mystery ChOTD on 2/26/14. These posts have mainly been focused on the positive potential in UK stocks…if they are able to break above the long-term triple top formed from the 1999-00, 2007 and 2013-14 tops. That has been a big if, since the FTSE has been rejected at that level (approximately 6900) time and again over the past 14 years:

Specifically, since closing above 6900 on the last day of the millennium in 1999, the index has failed to trade one time above that level. Remarkably, the FTSE traded above 6700 on 106 days in that time span, yet has not once reached 6900.

Is the FTSE destined to break that level? Time will tell but since last May, it has been coiling in an ascending triangle pattern that should resolve itself to the upside. Although, with 106 headfakes the past 14 years, it is probably best to wait for confirmation of a breakout first.

(Btw, apologies to Mexican stock market fans…we’ll try to post a Cinco de Mayo tribute chart sometime today.)