FTSE 100 and Dax turn down as S&P 500 consolidates
European indices have struggled to hold their ground while the S&P 500 has hit a speed-bump after recent strong gains.
FTSE slips below 50-day MA
It certainly looks like the FTSE 100 is engaging in a replay of previous lower highs in its current downtrend from the June highs. The price slipped yesterday and has moved below the 50-day MA (5991) today. For now it holds rising trendline support from the September low, but a drop below 5930 would likely signal the start of a deeper pullback that brings 5800 into view. A rally above 6040 negates this bullish view.
Dax holds 13,000 for now
The push higher in DAX has encountered a reverse, with the price dropping back from Monday’s highs. Rising trendline support from the September low comes back into play around 12,900, while below this a more bearish near-term view emerges, potentially bringing 12,400 into view. Alternately further gains head towards 13,300.
S&P 500 edges back from recent high
The relentless move higher in S&P 500 paused yesterday, dropping back from 3550. A full-blown reversal has yet to develop, and instead perhaps a shorter-term drop towards 3450 is likely. Further gains target the September record high at 3590.
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