The FTSE 100 failed to break above the 7555 resistance area for the whole of last week, despite the US rising strongly. That level still looks pretty key resistance for today, however there is much closer resistance at the 7533 area this morning. Despite the "bull Monday" mindset that has been prevalent for most of the second half of this year, the 30 minute chart looks quite weak to start off with today. As such I am thinking that any initial bounce at the open will be sold into and we get a drop down towards the 7485 area. We have S2 and a key fib level here so the bulls will be keen to defend this.
If the bears break below the 7470 level then a drop down towards the 7430 level looks viable, but 7470 is the 25ema on the daily chart and looks ripe for a bounce. The daily RSI has also dropped back a bit down to 59 currently.
The 2 hour chart is also bearish after Fridays fairly flat session, also showing resistance at the 7530 area.
However, for the bulls we have 20 day Raff support this morning at 7509 so a tentative long here first thing for a rise towards the 7530/7540 resistance area is probably worth a go. Generally, all he while we are below the 7560 level I am expecting a dip down towards the 7470 area.