FTSE100 – Dip demand likely

TVC:UKX   FTSE 100 Index
Asian equities are trading in the red, thus, FTSE100 could open moderately lower, however, dip demand could be seen as the bullish momentum is positive correlated to losses in Cable.

Monetary policy divergence is back in focus as markets expect Yellen to drop hawkish hints this Wednesday. This is evident from the fact that treasury yields at the short-end of the curve have hardened.

Consequently, dip demand could be seen and the bullish tone could gather pace above 6850 ( trend line level – drawn from July 14 high and July 27 high), in which case the index could re-test 6900 levels.

On the lower side, another bearish daily close would open doors for a more pronounced correction to 6600 levels.
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