We are spotting a lot of failures at significant resistance levels again for equities.This is telling us that major support levels are in the bears sights once more.

We note in the FTSE that for the last 8 days it has closed below its 200 DMA.We know that this support level is followed by many so a continued failure to re-instate a upward trend above it signals more moves to the downside.

Oil and mining stocks(as well as the Far East markets) have both fallen overnight so the FTSE is indicated down around 25 points.

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