FTSE gains capped
We should be watching for any move below 6350 early on today, which would signal that this two-day decline has further to go. The 20-hour SMA (currently 6370) has done well to mark the descending line of resistance, capping any gains, so a close above here on the hourly chart would be a good first step for the bulls. The 6320 and then 6257 levels would be the next targets. Bulls will have their work cut out for them to get the index back on an upward move, but a first area to watch will be a move back above 6400, which would then allow for a possible move back towards 6440 and 6464.