A very quiet session on the FTSE yesterday has done little to change the technical outlook for the index.
We still have a possible target at 5720 which i mentioned yesterday. If we look at price action this target will only become weakened if we see an end of day close above the January low of 5808. This can be seen on the weekly chart. Just above this level also lies resistance at 5830. This should contain prices to the downside however an upward break would be a positive signal and confirm we saw a bottom in the market last week.
The dividend tonight will be 2.6 so I don't expect this to have an effect on the index for the last 1.5 hours of trading.
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