FTSE 100, DAX and S&P 500 fall back in opening trading
Indices have taken a sharp turn lower, with the DAX and S&P 500 in particular looking weak.
FTSE 100
Early trading has seen the FTSE 100 head back to trendline support, reversing gains of the previous two sessions. A move below 7500 would break trendline support and put the price below Friday’s low, and would open the way to a more short-term bearish view. This may bring the 50-day simple moving average (SMA), currently 7335),into view.
A bounce from the trendline would put this week’s highs into view, and then potentially suggest a move back towards 7700.
DAX
Initial trading has resulted in sharp losses for the index, pushing it to the 100-day SMA (15,683).
Crucially, the price is below the early December peak, and now the 200-day SMA at 15,613 comes into view. Trendline support from late November also beckons around the 200-day SMA.
S&P 500
The negative tone in this index continues with early losses as US markets return from their long weekend.
Trendline support from late November is currently being tested, with further support around 4580 possible.
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