FTSE 100 and DAX recover as S&P 500 edges back from record peak
European markets fell hard yesterday but have edged up in early trading. Meanwhile, the S&P 500 continues to drift away from a recent record.
FTSE 100
Two days of sharp losses have carried the price back below the 50-day simple moving average (SMA) for the first time in a week.
Gains have stalled at 7170 and the FTSE 100 finds itself near the area of support at 6990. Repeated dips into this area have found buyers, so bulls will be hoping that the same trick can be repeated again.
A move below 6940 would negate this outlook and suggest a deeper retracement.
DAX
A break higher continues to elude the index, which has fallen back from the record high it briefly touched this week.
One day of losses does not mean a big correction is upon us, however; for that we would need a drop below 15,250. At present, any move towards that level would merely test the lower bound of the recent trading range.
S&P 500
The price continues to edge back from Tuesday’s record high, but losses are limited. A bigger drop targets the 50-day SMA at 4242, with some potential support at 4300 first.
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