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No rebound for Europe in early trading- FTSE 100 remains under pressure

Of course the European stock markets opened heavily in the red this morning, but that was always going to be the case. There has been no rebound at all really in the first 30-40 minutes of live trading and if anything the downside pressure remains strong. That is especially the case for the DAX, CAC and FTSE 100, all of which are pretty much matching percentage falls just now. The FTSE did effectively open below its 21 day moving average (barring the usual book entry, which suggests it did not) and below all those noted interim support levels ahead of 7,880. The index is just about holding the 7,850 mark for the time being, but a lack of traction remains in place so far. The index is currently trading at 7,857 
 

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