The FTSE saw a very negative reversal above the MA 200 now resting at 5883 yesterday which resulted in a negative outside day (the FTSE made a new high and new low but also closed lower when compared to the the previous day). Certainly negative price action but how much can we read into it. We discussed at the beginning of last week how the technicals would be compromised as a result of the debt news and also how we would most likely see many amateur traders being stopped out from wild swings and false signals. This is what we are seeing at present. The good news is I expect the effects to subside over the next few trading sessions.
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