FTSE 100, Dax and S&P 500 run into resistance
While they have rallied off the lows from earlier in the week, indices have struggled to mount a bigger rally, with early trading seeing them head lower.
FTSE 100 stuck in a rut
The FTSE 100 has seen very little movement since Monday hovering around 5850. A breakout above 5900 would likely clear trendline resistance and provide a more bullish view. For now sellers have been unable to make much progress below 5800, so until this is broken more downside seems unlikely.
Dax in tight range
While the Dax has managed to hold the lows of the week, with yesterday’s selloff finding buyers at 12,485, gains have been stymied below 12,700. This narrow range needs to break to provide the indication of the next bigger move, either back towards 13,300, or to 12,200 if the 100-day SMA at 12,486 is lost.
S&P 500 futures turn lower
S&P 500 has been trying to build up a decent head of steam al week, but despite rallying off the 100-day SMA yesterday futures are weakening in early trading. A drop below 3200 creates a lower low and reinforces the bearish view, bringing 3130 into view. Alternately, a recovery above 3300 might help to revive a more bullish view.
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