FTSE 100 puts bears in charge
The sell-off is gathering pace, with the index back below 7000 and looking to test the rising September trendline. Below 6950 the index would likely head towards the 50-day simple moving average (SMA) at 6868.
Arguably, a new downtrend has established itself, with a rally back towards 7000 hitting this downtrend line and likely providing a fresh selling opportunity. A bigger decline would head towards the 6610 area, the big support level from early August and just below the mid-September low.