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FTSE lacking clear direction, yet early bounce sets bias
We have seen the FTSE 100 moving in short-term trends over the past week, with periods of strength or weakness only lasting around two days at a time. This week has seen very little notable direction, with yesterday seeing the index grinding lower and this morning seeing a similarly unenthusiastic recovery.
For the short-term outlook, I am driven by the creation of a new high this morning, alongside the new higher low which provides a greater chance of upside as long as price does not fall back below the 6331 support level.
Upside resistance would be expected around 6409, 6429 and 6454. However, given the relatively short nature of recent trends, there is no evidence to say that we will trend in any meaningful way for the time being.