UK stock market weaker after the FITCH downgrade of the US
Sentiment seems to have taken a hit due to the recent FITCH downgrade of the US. We took a look at the UK stock market (we previously indicated a potential downward correction for the S&P earlier in the week)
What's concerning is the attempt to surpass the 61.8% retracement level, which stood at 7723 based on this year's movement. Unfortunately, it has experienced a clear setback from here. Currently, we find ourselves at the 55-week moving average, which sits at 7521. Should we not find support here, it opens the possibility of testing the 3-year support line at 7275.
What's concerning is the attempt to surpass the 61.8% retracement level, which stood at 7723 based on this year's movement. Unfortunately, it has experienced a clear setback from here. Currently, we find ourselves at the 55-week moving average, which sits at 7521. Should we not find support here, it opens the possibility of testing the 3-year support line at 7275.
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