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FTSE 100 firmly weaker as DAX and S&P 500 edge lower

Indices dropped yesterday, with the FTSE 100 particularly hard-hit. This morning has seen some opening weakness as well, although for the DAX and the S&P 500 losses are still contained.

FTSE 100 continues recent poor run

The FTSE 100's poor performance versus its peers intensified this week, with the price dropping back to a one-month low and falling below the 50-day simple moving average (SMA) of 6124 for the first time since the beginning of May.

Further declines target 5950, and from there 5600 comes into view. Short-term trendline resistance from the high earlier in the week means that we need to see a rally above 6150 to provide a more short-term bullish outlook.

DAX in descending channel

A descending channel has formed since Monday with the price registering lower highs and lower lows this week for the DAX. Further declines below 12,400, and from there the area around 12,100 comes into view as support.

A rebound through 12,600 might help revive the bullish view but a breakout above 12,700 is the real signal that the most recent lower high has been breached to the upside and that a more bullish view prevails.

S&P 500 futures modestly lower

The price of the S&P 500 has drifted back from the highs of the week, but if it can repeat yesterday’s trick (and last Friday’s) of bouncing from 3120 then another test of 3180 may develop.

Alternatively further declines target 3080 and then 3020 in the short term.

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