FTSE 100 faces significant market drop

Carol Harmer Charmer Trading

The FTSE 100 continues to look under pressure. Although yesterday’s session closed on the highs, we’re still trading below the 55‑day M/A, and the technical indicators continue to promote further downside momentum.

Today’s Pivot Point sits at 10,205, and as long as the market remains below this level, the emphasis stays firmly to the downside. To remove the current downside threat, we would need a close above 10,362, which would then open the path toward 10,583, where I feel sellers will be waiting once again.

Resistance levels today

R1: 10,320
R2: 10,408
R3: 10,531

If we remain below the Daily Pivot, the next downside targets come into focus:

S1: 10,126.
S2: 10,002 — also a key psychological level.
S3: 9,923.

Adding to this confluence, the 61.8% Fibonacci retracement is located at 10,006, giving several technical reasons why the 10,000 area could act as short‑term support.

Author

Carol Harmer

Charmer Trading

Carol Harmer has over 39 years experience of analysing and trading the world's markets and is undoubtedly one of the most respected technical trader in the world today.

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