FTSE 100, DAX and S&P 500 still unable to rally
Indices have been unable to maintain any upward moves, continuing to record losses for the time being.
FTSE 100 still firmly in a downtrend
The FTSE 100 shows no sign of slowing down to the downside, yesterday’s bounce having run out of steam at around 7040, creating a lower high.
A lower low at 6855 has been created as well, and with the index now firmly below 7000 there seems to be more downside likely. 6730 and then 6550 are the next main targets to the downside. Any sustained rally must breach 7040, the previous lower high.
DAX fights to hold 12,400
The DAX shows signs of support at 12,400, although whether they hold remains to be seen.
Further support may be found at the October low around 11,830. Yesterday’s bounce ran out of steam at 12,850, so any bigger move higher needs to clear this previous lower high. At present the pattern of lower highs and lower lows remains firmly in place, even as the buyers attempt to defend 12,400.
S&P 500 nears 200-day SMA
Few people would have expected the S&P 500 to reach the 200-day simple moving average (SMA) at 3054 quite so quickly, but that is what has transpired.
So far, intraday rallies remain selling opportunities, as we saw yesterday when the early bounce ran out of steam at 3180. This is the first target that needs breaching in any move higher. As with the other two indices, the pattern of lower highs and lower lows remains in place.
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