For today there are 4 main areas I am watching - 7502 and 7475 for support and 7521 and 7571 for resistance.
Will it stay relatively flat and not see the extremes of these 4 levels? Maybe and certainly has been so far this week. However, the 30 minute chart has the daily pivot and the daily coral both at 7520. Overnight we have dropped back a bit again, and yesterday yet again the bulls failed to break above the 7540 level, despite the Dow pushing on. Interestingly the S&P lagged the Dow a bit, with a drop down - that looks like it might be running out of steam a bit in the very short term and could be testing the bottom of the Raff channels at 2555 soon.
For the FTSE, the bulls will be keen to defend the 7500 level again and keep us in the 7540 to 7500 range that we have been in for a while now, while the bears will likely manage a dip down towards 7475 if that were to break. Above 7540 then 7575 and 7630 beckon. Pretty much every dip has been bought up though, so we may well see fresh buying at this 7475 level. Should it break then 7430 is the next support and more than likely will trigger a bounce.
So, watching 7520 initially and see what happens there - if we follow the ASX then its another dip and rise day today.