Levels to watch: FTSE 100, DAX and S&P 500
Equity markets are under pressure this morning, with the FTSE 100 in particular suffering heavily.
FTSE 100 retreat goes on
Losses continue here, with the FTSE 100 heading back to the lows seen yesterday around 7095.
Further losses target 7064, the lows from 8 February, where the latest leg higher began. The bearish view would be reinforced with a close below here, and would suggest a move back towards rising trendline support from the December lows, around 7000. Lower highs since 18 February mean that the index has to clear 7170 to create a new higher high and begin to reverse the bearish view.
DAX coming under modest pressure
The DAX has yet to push above the highs of this week, but the overall move higher remains intact.
Support was provided by 11,430 over the previous two sessions, but the price will take on a more bearish view if it moves below 11,460. A close above 11,560 creates a new higher high and opens the way to 11,700.
S&P 500 edges lower
There have been modest losses for the S&P 500 so far this week, but again nothing to put a significant dent in the uptrend.
Further losses target 2763, the lows from last Thursday, with a close below this level marking a potentially bearish development in the near term. A move above 2800 reverses the bearish view, and reopens the way to Monday’s high at 2813, the vital area that was resistance in the fourth quarter (Q4) last year.
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