Friday's session ended the week producing an inside week which means we traded within the previous week's range. This suggests we will either break down below last week's low or the high. Given that we failed to go above 5711 on Friday and our analysis is calling for a fall towards 5470 the chances of a break down below 5583 are favoured. We also saw a negative outside day on Friday which is also short term negative.
In terms of trading today many investors will being focusing on the European downgrades on Friday and keen to sell early on so we may see some initial higher prices early on to offset traders.
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