FTSE 100 finally bounces
A bounce is finally being seen in London this morning, although it is small beer compared to the losses of the last four sessions. The market held above 5850 and has pushed on above 5900, confirming that the support zone of the August, September and December lows is still intact.
A look at the hourly chart shows the index could go all the way back to 6100 and still be constrained by the descending trendline off the late December highs. Nonetheless, a failure to hold above 6050 would suggest that the sellers are still in the driving seat.