FTSE 100, DAX and S&P 500 all under selling pressure
Indices have fallen once again as the new session gets underway, rapidly giving back their limited overnight gains.
FTSE 100 under heavy pressure
The FTSE 100 has finally broken lower after bouncing around between 7280 and 7360 for a number of sessions.
Yesterday saw it drop through previous support and head to its lowest level since 10 September. A push below 7250 would open the way to 7200 and then towards 7060. A more bullish view would require a move back above 7280, where the brief overnight rebound ran out of steam.
Downtrend continues in the DAX
The DAX has seen lower lows and lower highs this week, and are continuing to lose ground this morning, pushing below Tuesday’s low at 12,230.
Rebounds towards 12,350 would run into possible trendline resistance, with any move that falters below 12,400 creating a lower high.
S&P 500 pushes below key support
A modest overnight bounce has failed to reverse the bearish impression created by yesterday’s break below 2980 for the S&P 500.
Indeed, the price moved towards 2980 and then reversed, pointing to this as significant resistance. A move below the Tuesday low around 2960 reinforces the bearish view.
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