FTSE 100 has begun approaching 7409
An early push higher this morning continues the sequence of higher highs and higher lows that has prevailed since 20 April. As noted yesterday, 7409 is the point at which the downtrend off the all-time highs is definitively negated, and the FTSE 100 has already begun knocking on that door this morning. A close above it leaves the price clear to push on to 7448.
A drop below 7321 would start to indicate the possibility of further weakness ahead, with a drop through the rising trendline off the April lows pointing the way to a firm bearish development.