The FTSE has fallen over 2% as I write this, and is at the bottom of the downward channel on the daily chart. Taken a speculative counter trend trade off the 5700 level and will see if we can get some sort of retracement back to 5735.

The daily chart still looks bearish although the FTSE pushed up overnight and has just come off the trendline at the top of the downward sloping channel on the hourly. Looking to short off key resistance levels this morning, and possibly go long in the afternoon if the key support levels hold.

The FTSE pushed up overnight and just after the open, it reached up to test the 5850 resistance level that I mentioned in this weekends post. The overall trend is still bearish, yet we could end up trading in this range between 5800 and 5850 for most of the morning.

The FTSE 100 had sold off overnight before stabilising and trading in a narrow range during the early hours. The plan this morning was to short any pullbacks or retracements to key levels.