FTSE woke up to what was going on around it and came lower

SUPPORT: 7237/36  7229/25    7218   7185   7175    7158  7128/22*** 7080   7040

RESISTANCE: 7246  7265/70   7288   7293   7312/15   7328   7340   7354

Finally....praise be...hallelujah FTSE woke up to what was going o around it and came lower...Lows posted 7216...Now this is good...nearly 150 point move lower...and there is looking like there is more to come...we are up a tad from yesterdays close...however...short term we are entering oversold territory....but daily and weekly charts have turned bearish...and this will be music to the ears of the sellers...They finally see that there is a chance...A good chance that we will come lower and they are going to be taking advantage of it....Good support is at 7185...which is why we are going in and covering half of our short position taken last week...We can then trail a stop down to keep us in the market if it really starts to deteriorate further...Our PP is @ 7256....so this is going to help put a lid on proceedings today....Because of the nature of the rally...and because we know markets go down faster than they come up we have every faith in the market continuing to trade lower for the next few sessions....We need the  daily and weekly charts  to correct and we have had now for a month the buyers grinding us higher...and they have ground....there was little conviction in the rally...which is why I thought it looked shaky....now the bullet has be bit...and the sellers should command the action at least till the end of the week....Now as we know markets usually correct 38% of there move...So this would take us to 7084 with a small trendline intersecting at 7065....However we cannot ignore that major D/T that was evident from late last year....and this was at 7128/22...So we should see buyers in here initially defending this support....Now the flip side is that we break higher from current levels....break the PP and trade higher...where can we go...well on the decline of yesterday the 38.2% fib is located in the 7270 region....and I think sellers are aware of this...and they will come out fighting and try with all their might to make sure the market does not reach past this stage....Sellers are flexing their muscles at the moment...and this should not be ignored...PP for today are PP  7256   R1  7292   R2   7265    R3   7401   S1   7183   S2   7147   S3   7075....