FTSE 100, DAX and S&P 500 come under pressure
Indices have staged a reversal, giving back gains from earlier in the week as the market runs out of bullish catalysts.
FTSE 100 stages U-turn
In what should be viewed as a negative development, the FTSE 100 has dropped below the 50-day simple moving average (SMA) at 5881 and has also broken below rising trendline support from the March lows.
This could bring 5500 into view, or down to 5300 as possible support. A reversal back above 5900 is needed to revive the bullish view.
DAX drops back after recent gains
The DAX too has suffered a reverse, although it remains above its 50-day SMA (10,503) for now.
In the event of a deeper sell-off, the price will head towards 10,200, and then down to 9970. If the price holds above 10,200 then a rebound towards 11,00 may take place.
S&P 500 endures a sharp reverse
The S&P 500 has dropped below rising trendline support, reversing the gains from earlier in the week.
Now 2820 and then 2750 come into view as support, with a drop below here targeting 2615. A loss of this latter level would then target 2400. Alternatively, a reversal back above 2900 would revive the flagging uptrend, and suggest another attempt to break 3000.
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