The intraday uptrend that began midday on August 6 continued into Monday's session, pushing the FTSE 100 higher and forming a Rising Wedge pattern on the 30-minute chart. Prices, despite the momentum of a strong uptrend, broke lower through pattern support at 5420 (E) and triggered a near-term trend reversal. The expected support for the move lower lies between 5395 and 5361 (F), which would take the FTSE back below 5400, a level the bulls fought hard to break through higher.

Prices did temporarily break below 5400 during the Monday session before the FTSE was able to buoy back above this psychological level, confirming that the bulls were willing to step in and support an intraday correction. Should prices again trade lower to this prior support level, expect another wave of buyers to help resume the intraday uptrend. A break below 5360 would be an intraday sign of weakness, and carry with it a more sustained sell-off.