Markets – Macro – Technicals

$FTSE: Key Time

The FTSE is dropping hard today on the news of surprise new elections coming in June. The timing is interesting. Earlier this year $FTSE made new all time highs. Remember when Brexit was supposedly bad? Central bank intervention by the BOE aside this remains an open debate.

What is not a debate is that the highs recently were rejected and the FTSE broke the early 2016 low trend line. With today’s move the FTSE also fell below the 2007 trend line. It needs to recapture this trend line or face a much meaningful corrective fib retrace:

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