FTSE topped very close to very strong resistance at 7300/10 and we have confirmation of a bear market. We collapsed below minor support at 7235/30 then better support at 7195/7205. This held perfectly with a low just 2 points above! Longs here today however are far more risky and need stops below 7180 if you try. I think we will go lower and a break lower is a sell signal targeting 7155/50, 7120/10 perhaps as far as 7070/65.
Minor resistance at 4235/40 and gains are likely to be limited. However if we get anywhere near 7290/7310, try shorts with stops above the gap at 7335. An unexpected break higher however is a buy signal targeting 7360/65 and 7400/05. Exit longs here and try shorts at 7430/40, with stops above 7480.