FTSE Forecast October 10, 2014, Technical Analysis

The FTSE broke higher at the open on Wednesday, but turned back around during the session by the time we closed, showing real weakness overall. With this, we feel that the 6400 level will be supportive still, but a break below there is very, very negative. This market would then fall to the 6000 level next over time as far we can see. The area would be a great longer-term signal to start buying. We think this market is going to be very bearish in the near term, at least as far as any significant moves are concerned.