FTSE 100 rally falters
The FTSE 100 was knocked back sharply yesterday, breaking a trend of higher lows seen on an intraday basis since last Wednesday.
Further declines will test support around 7490, where the index bounced last week. Below this, the 7340 level comes into play. A rally will encounter resistance around 7600, and then move on to 7700 and 7800. If 7490 holds then the index remains stuck in its current 300-point trading range.