Last week, Guppy said the index was repeating a pattern not seen since the Great Depression.
"That still holds at this stage," he said.
"To invalidate the head-and-shoulders pattern … we really need to move above 10,500 and there's very strong technical resistance at 10,200," Guppy added. "So the current break-up is not yet an invalidation of the head-and-shoulders pattern."
The FTSE must move above 5,300 before the bearish pattern is invalidated and currently there is "strong resistance" at 5,200, he said.
European shares had their biggest weekly rise in a year on Friday, with investors focused on this week's earnings.
US stocks closed more than 5 percent higher Friday, their best week in nearly a year, but they are still down for 2010.