FTSE 100, DAX and S&P 500 all weaker in early trading
Indices are struggling to hold their ground in early trading, after dropping back at the end of last week.
FTSE 100 at 10-day low
Two days of losses have put the FTSE 100 on the back foot, pushing it back below the 50-day simple moving average (SMA) at 5848 and breaking one line of rising trendline support.
Further downside targets 5600 and then 5500, while below this the 5350 zone of support from early April comes into play. A recovery above 5850 would be regarded as a bullish near-term development, and potentially signal another attempt to move on to 6000.
DAX remains above 50-day SMA
A similar picture prevails here, although the DAX has not yet moved below its 50-day SMA (10,443).
Instead, it has held above this, with the potential for a higher low in due course. Further downside heads towards 10,200, and then 9970. For the time being, the bullish view has not been entirely replaced, with the possibility of a higher low still in play.
S&P 500 still in retreat from recent highs
A modest retracement continues for the S&P 500, although it has yet to turn into a full-blown selling exercise.
First line support may be found around 2750, while below this 2620 comes into view. A recovery above 2850 would begin to restore a more bullish view for the time being.
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