As I thought

It's too early to to tell whether it really is going to work as a support, but for the time being the 200 day moving average is holding back the downward movement of the DOW. We'll just have to wait and see.

The FTSE has enjoyed a big bounce from its 7% slide. The FTSE is up 121 points from its low. With the Fibonacci retracement drawn on the fall we can see that there is still a way to go before it makes  38% . The price also has to make it back through the 200 day moving average and the failed  long term support line which may now become a resistance level. So, at best we can give two cheers to today's market recovery.

It could still morph into a resumption of the bull market or it may prove to be a false dawn. I'm not going to guess. But for now I continue to sit on the sidelines.