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FTSE 100 looks to have topped
Having finished back below 6000 yesterday, it now looks as if we are in the final stage of the topping process. If the index closes below 5900 today, this would be the signal for more weakness with the price heading into the middle of the channel, retracing much of the rally of the past two weeks.
Downside targets would be around 5800 in the first instance, and then on towards 5736. Some of a very bearish disposition would be looking to the bottom end of the channel around 5500, but this seems a bit overambitious for now. It would need a fresh close above 6000 to negate the current bearish outlook.