🐱The FTSE 100 is what a dead-cat bounce looks likeCompared to major indices in the US, Europe and Asia, the FTSE100 is getting beaten up, and beaten up bad.
Macro economic factors for the UK are very bearish, with huge job layoffs and big unemployment numbers when the UK furlough scheme ends, not a lot has changed since my last update.
Major FTSE 100 companies like Taylor Wimpey, BP, Lloyds, BT etc are all leading the way with the beat downs.
The bounce started strong and we got all the way up to 6,500 before getting chopped down back to 6,000.
Since then the FTSE has never really gotten off the ground and has been playing around the 6,000 level for the last few weeks.
Without strong fundamentals to lead the FTSE higher, it looks like the next level is going to be lower.
Using fib and past support and psychology levels the next areas of support are 5,900, 5,700 and then 5,500.
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