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FTSE 100 futures fall further after UK jobs report

Following on from the previous update, noting the rise in UK unemployment at the same time as wages rose, the UK stock markets look set for a bumpy opening this morning. The FTSE 100 failed again to set a daily close above 8k yesterday. The index set a high at 8,009, but later closed at 7,965. Perhaps that technically unimpressive close was the canary in the coal mine and the UK Jobs report has endorsed that failure this morning. The FTSE 100 future was under significant pressure anyway, following the volte face in the US markets yesterday and already pricing an effective reopening below 7,900 this morning. The UK jobs report, which was poor anyway you choose to cut it, has pushed it lower again. The index had set a series of lows just ahead of 7,880, on April 3,5,8 and 11. The 21 day moving average was in place, as of the close last night, at 7,890. The index is now priced to effectively reopen below all those levels this morning and looking at the daily chart on this one, that looks like delivering quite a nasty break to the downside. We shall have to see just how far that extends, when the index reopens in less than an hour from now. The immediate indication is right now at around 7,860  
 

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