FTSE 100 consolidated around 6808
The selloff in the FTSE has continued this morning, off the back of a week which saw major trendlines and support levels taken out.
The strength of Friday’s US jobs report provided the adverse reaction in the markets as rate hike expectations were brought forward, sending indices lower. The major support level of 6808 has been breached both today and Friday, which points to a likely close lower in the near future. Thus with the creation of new lower lows on intraday charts, I am bearish until we see a new higher high created. As long as the price remains below 6850, I expect the selloff to continue.