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FTSE 100 tests 7,800 as US stocks turn lower again

Well, it seems the higher opening for the US stock markets today has not lasted very long and right now all the major indexes are turning lower again in the first 15 minutes of live trading. Of course the price action is extremely fluid and that does not mean this is the end of the story by any measure. At the same time the European stock markets have turned lower again and the earlier rise in the DAX to above 17,850 from its earlier session lows has now given way to yet more losses. The FTSE 100 has been the dog of the day in that regard and since busting below supports ahead of 7,800 today, it has not seriously threatened to rise back above that level. Now it is falling back even more. The index has just this minute fallen below the 7,800. That very much endorses what was said about it here ahead of the opening this morning. 

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