The FTSE 100 has been bearish for a few months. Price at the moment is below the 50 and 200 simple moving averages. Price did not look like slowing down but today it has bounced off a strong support level at £68.75 from May 2013. Since we are below both moving averages, this bounce does not mean much just yet. For price to become bullish again then we need a break of the 200 moving average.
It will be interesting to see whether price will close the day bullish in a few hours, if so then it may be a sign that we will at least have near term strength in this Indice.
Any comments or questions, do not hesitate to leave them below.