Since the beginning of the year the index lost almost 2.0% and last week fell more than 1.5%.
The FTSE100 continues in a distribution phase since mid-May and struggling to close above the 10-week moving average.
Last week the index went back and forward without any clear direction due to extreme volatility and closed in the middle of the weekly range, in addition managed to close within the previous week range, which suggests being clearly neutral, neither side is showing control.
The Stochastic is showing a strong bearish momentum and is below the 50 mid line.
Expecting a downward move to a key level at 5,760 (scenario 1) on a break below the previous week close at 6,002 however a break above the previous week open at 6,095 could push the index upward to a weekly resistance at 6,277 (scenario 2).