FTSE 100

Support now broken with close. Confirmed by RSI. Todays open below 61.8% Fib. Bear pennant becomes bear flag.

Lots of barber shop volatility within a clear trading range after the bear pennant broke but I would now expect it to chug on southwards towards my target of 5600. First resistance is recent low 5768.




Spyder broke a moderate support line yesterday with 1824 first target with similar candle formations.



Will be interesting to see how this plays out. Tomorrow needs a close above trendlines on both indices IMO. Probability is that the the bear flags will finally play out.

F4T

Nice breakdown of the bear pennant and caught by trendline support. 61.8 fib in 5965 area should now provide resistance and push downwards.

Am still looking to 5600 and will review then. RSI support will give us some indication as to potential bottom.

Hi all,

IMO this will go to 5600 minimum in the short term, being the 200SMA on the monthly:




Before that trendline support in the 5910 area and horizontal at 5768:




5600 should at lease take all the froth off the markets and allow a moderate move higher but it is clear that the 5 year bull cycle is over.

F4T

Hi. Which area are you referring to the 61.8 fib?

Cheers

Anyone agree we have a bear flag here with a target of 5700 ish, would also be the area of 61.8% fib

maximum fear today. next supports.