FTSE 100, DAX and S&P 500 all in retreat
A resurgence of trade war fears has hit equity markets, prompting a reversal in key indices
FTSE 100 in retreat on trade war fears
The revival of trade war fears has seen the FTSE 100 drop sharply, falling to the zone around 7480.
This was support throughout July, so a bounce may develop here. Below this, 7440 and the 50-day simple moving average (SMA) comes into play, then down to 7370 and 7340. Falling highs over the past few days mean that the price needs to clear 7600 to fully establish a more bullish view, with trendline resistance at 7555 coming into play before this.

DAX drops sharply
Having fallen below rising trendline support from the December lows earlier in the week, the DAX then attempted to move back above the trendline yesterday before being knocked back once again. This confirms a more bearish view.
Further declines head below 11,900 support, then target 11,704 and the 200-day SMA at 11,640. A rebound above trendline resistance from the late July peak, ie above 12,250, would provide a more bullish view in the short term.

S&P 500 falls below 3000
The S&P 500's steady rebound yesterday was swiftly reversed as the US President Donald Trump revived the prospect of trade wars.
The reversal maintains the short-term bearish view, targeting 2930, and then down to post-December rising support around 2920. Below this, 2870 is possible support. A move back above 2970 might begin to point to the beginnings of a bullish recovery.

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