FTSE 100 remains oversold
Most of December's rally has been surrendered, with the index rapidly heading towards the crucial support zone around 5874/5900. We can expect a closely-fought contest there between buyers and sellers, although for the moment the latter are firmly in charge.
Intraday charts remain on the oversold side of things, so while more losses look likely, it might be wise to wait for a bounce back towards 6050, with traders watching the hourly relative strength index/stochastics for a better entry, rather than chasing the market at these extended levels.
A drop through the December low puts the August bottom around 5768 in focus.