FTSE 100 draws away from resistance, as DAX and S&P 500 edge sideways
Yet again the FTSE 100 has failed to clear 6300, while the DAX and S&P 500 are seeing bullish momentum fade for now.
FTSE 100 fails at 6300 yet again
A rally through the 6300 resistance zone continues to elude the FTSE 100. Yesterday saw the price fail to make much headway, with gains faltering below 6280.
A deeper retracement now brings 6200 into view, and then down to 6080. A more bullish view requires the price to clear 6350 to ensure resistance has been broken.
DAX edges higher
By contrast the DAX has shown no sign of similar weakness.
Admittedly, it has yet to push through the higher high from Wednesday’s session, but it continues to cling on above the 50-hour simple moving average (SMA) of 12,884. If the price clears 13,000 then it will form a new higher high, while a deeper pullback could see the 200-hour SMA at 12,701 tested once more.
S&P 500 continues to drift
The S&P 500 has failed to make much headway over the past 72 hours, although the uptrend from the 29 June lows is still intact.
For now however bearish momentum is building as the price fails to clear 3220, and a deeper pullback heads towards 3130, where recent weakness over the past three weeks has found buyers.
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