FTSE 100 and DAX move up as Dow futures hold steady
European markets are attempting to move higher this morning, while US cash markets are closed for a bank holiday.
FTSE 100 recovers back above 7000
An attempt to rebound on Friday fizzled out as the index dropped sharply back below 7100 in the afternoon session. Worries about global growth had driven the index lower on Thursday, wiping around 250 points off in a torrid session.
Early trading this morning saw the index fall back below 7000, but only briefly, but it still managed to tough its lowest level in over three months.
Additional declines target the March low down at 6763, while a short-term rebound needs to clear Friday’s high at 7130 to suggest a low has been formed for now.
DAX aims to build on Friday’s bounce
This index was able to hold its small gains on Friday, rallying back above 13,000, and so far this morning the move higher has continued.
From here additional upside targets 13,600, and then on to 13,826 and 14,134. Buyers will have to recoup most of the ground lost since the June high to avoid creating the grounds for a lower high and a reversal.
Fresh declines back below 12,954 bring the March lows around 12,470 into view.
Dow futures hold steady
US cash markets are closed today for the Juneteenth holiday, but the futures remain open.
The index hit a fresh lower low last week, falling to its lowest level since December 2020 and putting it on the cusp of entering its own ‘official’ bear market.
There are as yet no signs that the index is about to begin a bounce, but if one does materialise then the initial target would be 31,000, followed on by the 50-day simple moving average (SMA) at 32,700.
Further declines below 29,560 would bring 29,200 and 28,950 into play, the September and October 2020 highs.
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