There is plenty of volatility and exciting moves in FTSE 100 constituents, but the index itself looks to be in what my old colleagues would call a "Dulux" phase .... it's like watching paint dry.

The index has been trapped in a trading range of 7300/7600 for most of the summer, It is difficult to see how this will be resolved and in which direction the break will come.

My concern is that, in recent weeks, it has been the bottom level at 7300 that has been tested, and not the upper level. 7300 now takes on an important and key support role, because that is where the 200-day simple moving average now rests - having climbed all the way from 6600 at the beginning of the year.

The 200-day average tends to act as an important support/resistance level in the big market swings. A breach to the downside in the weeks ahead wouldn't necessarily mean the end of this long-running bull market, but for me it would be a concerning development.

There are 11 trading days left in September - the worst calendar month for UK equities going back over 50 years!

Would welcome comments on how you think this will play out.

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