Levels to watch: FTSE 100, DAX and S&P 500
Each rally provides the opportunity for more selling, with no let-up in the downward move.
FTSE 100 hits short-term resistance
The last few days have been quite volatile, but the FTSE 100 has managed to hold above the 6640 level.
But intraday rallies have been met with heavy selling pressure. Above 6740 the price will break the short-term trendline seen since Wednesday and target the 6800 area. But we will need a clear higher low following this breakout to view the index in a more positive light.
DAX stumbles in early trading
For the DAX as well, the rallies in the European session have been cancelled out by the downward moves seen in the second half of the US trading day.
Both 10,660 and then 10,820 are the near-term targets. Below 10,475 the price will head to the December 2016 low at 10,403.
S&P 500 still under pressure
Yet again there was another sharp rally off the lows for the S&P 500, but these have merely proven to be selling opportunities.
Overnight gains have been confined below 2490, while 2515, yesterday’s highs, are also potential resistance. Above there, 2532 and then 2553 would be near-term targets. Further declines head back to the lows of yesterday’s session at 2440, and then down to 2420, the August 2017 lows.
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