The technical picture on the FTSE 100 does not look too clever

I said earlier today, that I would look at the technical picture unfolding on the FTSE 100. Well, here it is and it is not especially positive from a technical perspective. The most recent falls below a series of levels at 7,532, 7,553 and 7,570 means the FTSE has now fallen below its 50,100 and 200 day moving averages. As you can see those were clustered pretty close to each other and so this has detailed the hitherto positive price action that had been holding above all of them since the middle of December. The next support point of note is now at 7,387, from the low seen on November 30. The price has also now busted well below what was an upward trend line adding support at around 7,525. That was of course in place just below all those moving averages and unless the index can close this afternoon back above 7,570 it might be cooked. If it is, then we might see the really important line in the sand come back onto the radar. That was mentioned many times here last year and remains at 7,200. Clearly, once again that is not far away now this afternoon, with the index currently trading at session lows, right now at around d 7,405