A very active overnight session for the FTSE to say the least. In fact with the time difference over here the index was trading closer to 4700 when I woke up than the current level - 5990.
At this stage as long as the FTSE can hold 4800 the index has a chance to form a short term bottom for the latest decline however a move below this level and the FTSE could enter free fall as there is no significant support until 4000. In terms of signs that the FTSE is bottoming, pay attention to the last hour of trading today. If buyers enter the market then the market is running out of sellers and short term sentiment is changing. Institutional traders dominate the last hour of trading and they drive the market.
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