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FTSE starts September with bearish outlook
The new month has started off on a poor note for the index, as it concedes the 6200 level to the bears and threatens to undo much of the good work of last week. If we have seen a topping out then the downside towards 6076 comes into play, followed on by the lows of last week all the way down towards 5800.
The FTSE 100 now finds itself moving back below the 50-hour SMA (6194), with a target in the direction of 5900 on the hourly chart. We would need to see a confirmed move back above 6200 to invalidate the bearish outlook.