FTSE 100, DAX and S&P 500 mixed in early trading
Indices rallied overnight, but have seen some selling as the European cash session gets underway.
FTSE 100 still under pressure
The week’s gains suffered a sharp reverse on Friday for the FTSE 100, as the price dropped back from 5800. It gapped down overnight, and so far in the cash session we are seeing further losses.
A bounce needs to clear 5600 and then move on above 5800 to revive the upward move, while a continued failure to hold intraday rallies, such as we have already seen this morning, would signal that more losses are on the way. This view would be reinforced by a drop below 5200.
DAX fights to hold recent gains
While the DAX was able to bounce from its opening gap down overnight, the gains are already being given back. The price hit 9800, and then fell, creating a lower high after last week’s peak around 10,000.
A reversal below 9200, previously resistance on the way up last week, would be a bearish development and target the zone of support established in mid-March around 8100.
S&P 500 falters after overnight surge
The S&P 500 has been unable to hold on to some of its recent gains above 2500, and as with the other two indices, the price has begun to fall in early trading today.
A drop back below 2400 would be a notably bearish development, since the price managed to hold this area in the middle of last week, and would then bring 2200 back into view. Alternatively, if it can hold above this level then some more buying pressure may develop, while a move above 2600 targets 2650 and bolsters the more bullish view.
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