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FTSE continues to flounder
For a second day yesterday, the index failed to hold above the 6700 level despite testing it. Now it is coming under renewed pressure, helped along by weakness in banks and mining companies. If the selling today becomes more sustained, I would look towards the 6630 - 6640 area as possible support, with the 200-hour simple moving average at 6626 the next destination. More downward pressure should take us back in the direction of 6500, where the index bottomed in late July. Bulls need to push back through 6700 to restore the upward momentum lost yesterday, with a further move towards 6720 still needed to put the buyers back in charge.