FTSE 100, DAX and S&P 500 look for support after losses
Indices fell sharply yesterday, and continued to fall overnight, but have tried to stabilise as the new session gets underway.
FTSE 100 attempts to recover after Tuesday’s decline
The FTSE 100 has been unable so far this week to continue its move higher from the second half of March.
However, for now the price is attempting to rebound from yesterday’s losses, with some buying support coming in around 5400. Further gains target 5700 and then 5800, while a drop below 5350 would spell a much deeper retracement is on the way, potentially heading back to 4800 and the lows from late March.
DAX stuck in range
Since 25 March, the DAX has gone sideways. The price rallies to 10,100 before falling back, but also finds support around 9430.
The pullback over the past 24 hours may be poised to find additional support above 9500, with a bounce from here heading to 9966 and then 10,100. Above here and 10,200, the index moves higher, with the next big area being 11,000 and the lower end of the gap down from early March.
S&P 500 attempts to rally off overnight low
Gains in the S&P 500 over the past few sessions have stalled below 2650, but having retraced all the move from Monday’s gap down, the index may find support around 2500.
If this is the case then the next target is 2650, and from there on to 2700. Alternatively, a drop below 2500 targets 2410, and from there 2180.
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