Technically its not looking too clever for the FTSE 100

Yesterday the FTSE 100 flirted with its 50 and 100 day moving averages. In the event it managed to avoid a daily close below both of those, when it ended the session at 8,241. However, earlier today the index fell below 8,200 for the first time this week and for the first time since August 13. The low seen so far today has been set at 8,188.93. The 50 day moving average is in place today at 8,232 and the 100 day is in place at 8,229. So, as you can see, the index has fallen below those now and it remains to be seen, if we get a daily and weekly close below them later today. If that is the case, then it would not be especially positive for the outlook. The next technical support level is at 8,165 and that is 50% Fibonacci correction level, of the move from 7,915, to the high at 8,414 seen last week. The FTSE 100 is currently trading at 8,197