Levels to watch: FTSE 100, DAX and S&P 500

Further weakness across indices continues to see them retreat from all-time highs, but there is plenty of support in case of a broader sell-off. 

German stock exchange
Source: Bloomberg

FTSE 100 takes a bearish turn

Dips for the FTSE 100 in the direction of 7450 have continued to bring out buyers, but the overnight bounce is fizzling out below 7500, which is a short-term bearish sign.

A dip below 7450 would be the catalyst for more selling, with 7409 and 7363 coming into view. Any recovery back above 7500 brings 7550 back into play.

FTSE 100 chart

DAX attempts recovery from oversold position

DAX has fallen outside of the upward channel that has been extant since the August low. It found support near 13,100, so we will see if the index can recover from its oversold intraday position.

A move below 13,100 will target 12,954, and then the 50-day simple moving average (SMA) at 12,871. A move above 13,227 would suggest a resumption of the rally.

DAX chart

S&P 500 starts to turn lower

The S&P 500 avoided a close of 0.5% or worse yesterday, continuing its strong run, but futures are turning lower.

The sell-offs earlier in November found support around 2565, so this could be where buyers step in once more. Below this, 2553 and 2544 come into play. A move above 2583 would then bring 2588, and 2597 into view.

US 500 chart

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