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FTSE bears in control
Yesterday’s sharp drop puts the bulls firmly on the defensive, with fresh losses looking likely if we move below 6200. For now, a bounce towards 6290 may materialise, especially as positions are unwound today, but so long as the index holds below 6300 the outlook is now bearish. A continued downward move heads towards 6137 and then the bottom end of the current rising channel, around 6090.