FTSE 100, DAX and Dow all struggling to move higher
While the DAX is trying to move higher, equity markets are generally unable to make much progress at present.
FTSE 100 stuck in descending channel
The FTSE 100 lower highs have been seen over the past few sessions, with a descending channel formed since the 18 June peak.
A rebound from around 7370 may see the lower bound of the channel act as support, and then target the upper bound around 7430. A close above yesterday’s peak at 7437 would signal a break higher is underway. The 7320 and then 7200 levels are near-term support in the event of a deeper retracement.
DAX still under pressure
Lower intraday highs and lows have been in place here since 20 June, but the DAX is attempting to hold above 12,200 in early trading.
A break above 12,300 would invalidate the current descending channel formation and target 12,400. Further declines head towards 12,165 and then 12,032.
Dow treads water after recent gains
The Dow Jones has moved mostly sideways, remaining within easy distance of the high seen last week.
Above 26,900, the index will create a new higher high, while a deeper drop targets 26,470 and then 23,100.
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