FTSE stochastics remain bearish
Having fallen further yesterday, the index now finds itself back below the descending trendline from late May. A fresh lower low yesterday confirms the downtrend set in place at the beginning of this week. With daily stochastics still firmly bearish, I expect intraday bounces here to be sold. We may see a move back towards 6660 during the course of this session, or indeed as far as the 50-hour SMA at 6672, but in due course I expect more downside, perhaps as far as the late June lows around 6500.