Levels to watch: FTSE 100, DAX and Dow
It has been a tough session for the FTSE 100, which has fallen to two-week lows, while the Dow is still seemingly on course for new all-time highs.
FTSE 100 routed in early trading
A slew of ex-dividends and a sharp drop for Sainsbury’s shares have sent the FTSE 100 plunging in early trading, hitting a two-week low.
This has broken the gentle push higher seen over the past two weeks, and could be the start of a push towards 7360 or 7280 and the 50-day simple moving average (SMA). A rebound would target resistance around 7460.
DAX drops back but remains bullish
The DAX is only slightly lower, having edged back from yesterday’s fresh high for the year and the successful push above trendline resistance.
Further declines head towards 12,200, and then down to 12,000 and 11,800. A rebound above 12,350 would then target 12,410 and then 12,600.
Dow still targeting new records
The next targets in any push higher are 26,782 and 26,951, with the latter being the record high from last year. The Dow has fallen below rising trendline support from the 27 March lows, which may signal further bearish moves.
A drop below 26,469 would mark further losses towards 26,300.
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