Further declines for the FTSE 100 index overnight saw it trading below the 6000 level again. Despite a slight retracement during the open, the market has pushed below further and is down at the 5900 level as I type this. Looking at the daily chart the FTSE is within the downward sloping channel and if it continues south, the FTSE could fall as far as 5770 before it hits the lower trendline of the channel. I’m itching to take a speculative long trade off this level but I think given the market direction over the last few days, it’s better to stick with shorts off any retracements. Looking to go short around the 5925 level and for previous support to become resistance.