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FTSE 100 on the edge of turning bearish
Yesterday saw the FTSE close below the rising trendline that has held since November 2016, and so we will watch to see whether it can break back above it today.
A failure to climb back above 7408 could be the bearish development that many have been looking for, although there is still support at 7360, 7294 and 7260. If the index does post a daily close back above the rising trendline, then the way is clear for a test of 7450 and the downtrend line off the June highs.