FTSE 100, DAX and Dow rallies start to slow
FTSE 100, DAX and Dow start to lose momentum, yet short-term uptrends remain intact for now.
FTSE 100 eases back, yet uptrend remains
The FTSE 100 has been consolidating overnight, with the price pulling back towards the 7359 swing low established on Monday. A break below that point would signal a potential period of downside retracement coming into play.
However, given the break through the 76.4% Fibonacci level, there is also a strong chance that we simply move upwards from here. Thus, the current bullish short-term trend is expected to hold unless the price falls below 7359.
DAX continues to consolidate after recent rally
The DAX has been consolidating for most of the week thus far, with lows of 13,113 being respected on a number of occasions. A break below that point could signal a period of downside coming into play for the short term.
Until then, the uptrend remains in play, with another move higher a distinct possibility from here. Watch for a break through 13,174 as a confirmation signal that the index is going to head higher once again.
Dow rolling over, yet short-term uptrend continues for now
The Dow Jones rally has been slowing down over recent days, with the upside seen throughout Friday and Monday now moving into a consolidation phase.
A break below the 27,403 support level would bring about confirmation of a bearish phase coming into play, with the possibility of a retracement into the 27,160 Fibonacci support. Until that level is broken, the short-term uptrend does still hold.
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