FTSE 100 cruising for a break below 8k this time

The previous drop below a noted technical level at 8,105 on the FTSE 100 did extend slightly. However, as noted here at the time, the move stalled short of falling below 8,050 and duly bounced back above 8,300 and towards the highs seen earlier in the year. Well, of course the index closed lower on Friday, ending that session 8,174, with a loss of 108 points on the day. The collapse in the Nikkei 225 today following heavy falls on Friday delivered a sea of red for the US markets on Friday and the prospect of those losses deepening today is live and that is also helping to push the FTSE 100 futures lower. That said, in relative terms over the past week, the FTSE 100 has been the best performing major stock market index and by some margin too. However, the riots across the UK in recent days is also something to consider here and the prospect of the FTSE playing catch-up with those other markets should not be overlooked. The FTSE 100 futures are now pricing a reopening below the previous interim low and close to the 8k mark again. The risks of a break below 8k this morning are clearly live. The FTSE 100 is currently priced to effectively reopen shortly at around 8,015