FTSE forecast for the week of August 17, 2015, Technical Analysis

The FTSE fell during the course of the week, slamming into the 6550 level. This is an area that begins a significant amount of support, so we are waiting to see if we get a supportive candle in order to start buying again. The meantime, we are on the sidelines as we feel that the market could turn around at the drop of a hat, so we are simply waiting to see whether or not we get that candle. In the meantime, we think that shorter-term traders will probably run this market.