As we suggested some weeks ago the 5770 level for the FTSE 100 is acting as a level of resistance. The index has spent all of this week testing this level and trying to get above it but is has failed. And today the stock market has seen a substantial retracement.
WE doubt that this will be the start of a longer and stepper decline – not yet anyway. It is likely that the index will recover over the next few days and have another bash at getting above 5770 but the amount of resistance being met does increase the risk of a steeper decline so it will be best not to overcommit to this market at least until 5770 is left behind!
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