FTSE 100 in danger of drifting
The rally petered out yesterday around 7350 on the FTSE, but bears need to get the price below 7300 to really indicate they have the short-term advantage. Even if this occurs, we need a close below 7262 to bring the sequence of higher lows to an end.
With so much uncertainty over the healthcare bill, we could see the market drift for now, although the impending month and quarter end could see a short-term push higher. In the longer term, a rally would target 7440, while bears have to wait until 7262 is broken.