FTSE 100 falters while DAX and S&P 500 hold support
The FTSE 100 has been hit hard, falling sharply after encountering trendline resistance. Meanwhile, the DAX and S&P 500 are holding support.
FTSE 100 resumes downward move
The FTSE 100 ran into trendline resistance yesterday and as before, the price sold off - with the move lower intensifying. Further declines test the 7350 low from Tuesday, and below this trendline support at around 7300 comes into play, and then the January low at 7230.
On the hourly chart, the price has dropped sharply, with possible trendline resistance from yesterday’s peak requiring a break above 7430 to provide a more bullish view.
DAX drops back to 13,600
After holding close to 13,800 for a week, the DAX has dropped, and is now testing the 13,600 support zone.
Further losses head towards possible support at 13,460, and then the 50-day simple moving average (SMA), currently 13,410. Other targets to the downside include 13,200 and then 12,954. If 13,600 holds then another rebound to 13,800 is possible.
S&P 500 fights to hold 3350
Thursday witnessed a swift dip towards 3350 for the S&P 500, and while a bounce did take place, the downward move has resumed.
A move below 3340 would clear the area of support which held earlier in the month, bringing 3320 into view, and then the 50-day SMA (currently 3280). A rally back above 3370 would signal a renewed drive higher.
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