Levels to watch: FTSE 100, DAX and S&P 500
Indices are struggling in the wake of the Fed, with the FTSE 100 in particular down heavily. Longer-term trends remain intact, but a period of weakness might be ahead.
FTSE 100 suffers rapid drop
The FTSE 100 has fallen sharply over the past 24 hours, shedding the gains made over the past month.
Further declines head towards 7260, and then on towards 7200. Crucially, yesterday’s drop took the index back below rising trendline support from the December lows. An overnight bounce has fizzled out around 7360, indicating that selling pressure remains in place. A turn higher targets 7400 and then on to 7460.
![FTSE 100 chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/content-2-chart-images/FTSE 020519.png/jcr:content/renditions/original-size.webp)
DAX still hovering below 12,400
This DAX was little affected by the sell-off, but it continues to be unable to break through 12,400.
Dips into the 12,250-12,300 support zone continue to find support, as we saw overnight, so a close below this is needed to ignite a bigger move to the downside. Above 12,400 the price heads towards 12,600 and then 12,954.
![DAX chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/content-2-chart-images/Dax 020519.png/jcr:content/renditions/original-size.webp)
S&P 500 falls to trendline support
Yesterday’s drop took the S&P 500 back to the rising trendline from the March low at 2720.
For now this line is holding, so further gains target 2940 and then 2960. A move below 2910 would break the trendline and open the way to 2870 and 2850.
![S&P 500 chart](http://a.c-dn.net/c/content/dam/publicsites/igcom/uk/images/content-2-chart-images/SPX 020519.png/jcr:content/renditions/original-size.webp)
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