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FTSE 100 More Bearish Shift

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FTSE 100 More Bearish Shift

As anticipated, further erosion Tuesday after the significant sell off Monday through retrace support at 6407 to negate the recovery effort from mid-December and the Tuesday break below a further retrace at 6279 now sets a bear theme.

Short-term Outlook - Downside Risks:

  • We now see a more negative tone with the bearish threat to  6187 and back to the 6073.5/71 lows.
  • Below here targets 6000.0 and just below, the 2014 low at 5994.5.

Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.

What Changes This? Above 6390.5 eases bear risks; through 6559 signals a neutral tone, only shifting positive above 6615. 

For Today:

  • We see a downside bias for 6209.5, maybe to 6187.
  • But above 6328 opens risk up to 6390.5.

Daily FTSE 100 Chart

b2ap3_thumbnail_ftse1.png

2 Hour FTSE 100 Chart

b2ap3_thumbnail_ftse2.png

To view the full FTSE 100 future report with screencasts, click here

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Steve Miley is The Market Chartist and has over two decades of financial market experience with him. He spent 2009-2012 as a Director of the FX Technical Analysis Research Strategy team at Credit Suisse and was previously at Merrill Lynch for 15 years; 10 years as a technical analyst, 5 years in Fixed Income sales.


He was 2013 winner of the Technical Analyst Magazine Award for Best Independent Fixed Income Research & Strategy, Runner Up for the same award in 2014 and was the winner of Best FX Research & Strategy 2012 (at Credit Suisse).


Steve is a Member of the Society of Technical Analysts (MSTA) and holds a Masters Degree in Politics, Philosophy & Economics from Lincoln College, Oxford University.


Steve has covered all major asset classes including Rates & Credit, G10 & EM currencies, Equity Indices & Sectors and Commodities and has strong relationships across the institutional financial trading spectrum, including Central Banks, Real Money accounts, Hedge Funds and other Global Corporates.

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