Levels to watch: FTSE, DAX and Dow

Indices have failed to push on this morning despite gains for futures overnight. 

Data chart
Source: Bloomberg

FTSE 100 struggles to break 5900
Repeated attempts to push on beyond 5900 have failed recently, and thus we continue to expect more FTSE downside. A push below Friday’s lows around 5820 would signal a move to the February low at 5794.

Below this, the levels to watch become 5746 and then 5670. A bounce needs to clear 5900 to even suggest the market has turned, with resistance around 5994 and then 6042 for any rally.

DAX on a precipice
A steady progression of lower highs and lower lows is in evidence here. A break below Friday’s low at 9225 will be the catalyst for more selling, towards 9158 and then 9070. A bounce must clear 9400 and then press on towards 9600. 

Dow looks bearish
Having dropped below its hourly trendline, the Dow Jones now looks more bearish than at any time in the past three weeks. However, it is still not certain the index will selloff.

A move through 16,130 would be the signal for more downside, with a target of 16,060 in the first instance and then down to the late January lows at 15,930.

It would take a move above 16,500 to really indicate that a new bull move is in progress. 

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