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The drop back from 6400 continues, and with daily momentum indicators now in a more bearish position the stance has shifted from ‘buy the dips’ to ‘sell the rallies’. With the index back below the 6370 area it would take a close back above 6400 to restore the bullish outlook.
Intraday, the index looks quite stretched to the downside, so we may see limited drops today, but as the new week gets underway we would be looking for fresh chances to sell into any strength. Downside targets lie around 6210, and then down towards the 50-day simple moving average at 6145.