FTSE100 - bear Tuesday with 8155 8105 support

Well the 8240 level certainly got the reaction and remains as the key resistance for the moment, with a bear Tuesday playing out already as the drop continues from that level. Overnight has seen a break of 8200 and as such we may well be on for a slide down to the 8155 area where we have initial support.

We are also just dipping down through the 2h support as I write this which is at the 8187 level, so the bears are certainly trying to start with. 8155 is the key fib level along with 8147 for daily support so a bounce, albeit possibly a modest one, may well happen here.

A break of that 8147 and then the 8105 area is next up and a level that is likely to hold. The Raff channels have levelled off now, with a slight uptick on the 10d suggesting that the run into the end of the month may well see some more bullishness. 

Resistance wise then I am looking at the daily pivot at the 8206 level to start with, and we also have a red 30m coral at 8212 this morning. If we see this we may well see the bears have a go here to continue the bear Tuesday overtones that are setting in for today. May also tie in with a bit of a drop back on the S&P500 from the 5570 area as well.

Above 8212 and 8240 remains as resistance with a double top setting up with yesterday. As that is such key resistance it will likely be a tough level to beat, though if they do so then 8287 R2 would be the next level to look for and we also have the red daily coral here. I don't think we will be seeing that today though. 

Back to support and if the bears were to break below the 8105 then 8090 is S3, and also the 20d Raff channel bottom so in theory should hold. Again, we may not get to this level either and I am more inclined to look for a range 8155 to 8210 in play for today.

Looking ahead, highlights include EU Consumer Confidence, US Richmond Fed Index, CBRT & NBH Policy Announcement, ECB’s Lane, Supply from UK, Germany, US, Earnings from Alphabet (NASDAQ:GOOGL), Tesla, Visa (NYSE:V), Coca-Cola (NYSE:KO), General Motors (NYSE:GM), Philip Morris (NYSE:PM) & Spotify.

Good luck today.