The FTSE100 has a totally different make up vs the S&P500. More energy and commodities focused stocks. Also, where a lot of countries have been heavily taxing energy profits to help control inflation, the UK government is creating money to pay energy companies for higher prices instead. This then drives the those stocks etc.
Watching SPY in RTH yesterday afternoon, it was obvious the big volume came in on the sell side as soon as the dom on the buy side got deep enough. Sure sign the whales wanted out. All the spikes up were low volume, the "buys" beneath would build for several minutes, and then bam, big sell order comes in and knocks out all the buy orders.
Tough call, but if there's not a decent bounce (.42% higher than now) by 10:20 AM, we're going lower still. I see it's a 3 day weekend too. That sucks. Hate those. Too many holidays in this country. You people need to work more.
As most know, I love these overnight pullbacks orchestrated by 3 teenagers in their underwear in moms basement when we're in an uptrend.
Yeah lower would make sense too. Or higher if we see a bounce which could also make that level the low of day. My logic for it being the closing price is that it will drive the most transactions going into next week because it will be the 0.618 level. Bulls and bears will both have a claim for either direction.