FTSE RSI not yet oversold
The FTSE 100 failed to make a close through 6618, and trendline resistance is now looking to make a return to this month’s lows around 6500/10. Any falls through here would target next support around 6470 and, should the selloff gather legs, the 6400 level seems like a magnet. The daily relative strength index is not yet oversold and, while below the 200-DMA, the selling pressure may ramp up.
On the upside, the hourly RSI is looking slightly oversold and we may see a bounce back towards 6560 and the 100-hour moving average. Any moves back through the 200-DMA may see some respite for the UK benchmark.
DAX rally runs out of steam
For the DAX, the rally back to near the 100-DMA has run out of steam and we currently testing the 9200 level. A fall through here targets 9125, with key support coming from the 9000 then the 8940 levels.
A push through the 9360 level targets 9456, and only a close below the 50-DMA would argue for a run up towards 9500. A drop back through 14 March lows puts the bias on a pullback to the 200-DMA at 8860/70.
Dow has rocky 24 hours
The Dow Jones has a tumultuous evening in the aftermath of the Federal Reserve statement, yet remains above the 50- and 100-DMA. Support is coming from 16,167, with 16,124 and 16,066 coming in below that. A move through 16,280 would target 16,370 in the interim. Any falls back through 16,060 bring 15,970 into the frame.