FTSE 100 and DAX fall, but S&P 500 begins to look stronger
While European indices remain under pressure, the S&P 500 is showing renewed signs of strength.
FTSE 100 continues to fall
The FTSE 100 still shows no sign of bottoming out, with steep early losses this morning undoing the overnight bounce.
With the 200-day simple moving average (SMA) of 7361 now being tested, the index could test trendline support from the December 2018 lows. A bounce from here could provide compelling risk reward for longs. Yesterday’s lower high at 7440 provides a first target for any near-term upside.
DAX still unable to move higher
The DAX has moved back once more to the lows of the week around 13,180, maintaining the ‘bearishly neutral’ outlook that has been in place all week.
The 12,954 level is the next target to the downside, which would also bring the 100-day SMA at 12,978 into view. Yesterday’s bounce established a lower high at 13,380, which both confirms the downtrend of the past week and provides a first target for a rebound.
S&P 500 looks to build on late-Thursday rally
US markets rebounded strongly last night and have held on to most of the gains, with the S&P 500 moving briefly above the mid-week high, nearing 3300.
A drop this morning has only seen some of the gains unwound, with a possible higher low in the making. This would begin to cement the idea of a more bullish view into next week, barring a late sell-off today.
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