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O'Hare: Shorting FTSE 100 as losses could accelerate

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Steve O'Hare sets out his shorting strategy for the FTSE 100. With global equity markets diverged on rate hike timings the FTSE has been underperforming on a relative basis with better returns seen on the major US exchanges, for example.

The market has corrected from the August low at 5767, almost a 61.8% Fibonacci correction of 2011 bull rally. This recent pullback has stalled and attracted sellers at a 50% retracement of 2015 selloff. 
Levels seem to be topping out at 6500 with horizontal and downward resistance lines capping gains.  
Selling into rallies
Setting shorts around 6350 and 6250
Targets: 6150 6050
Stop: 6500