FTSE 100, DAX and Dow begin to roll over

FTSE 100, DAX and Dow start to show signs of a bearish reversal, with support levels being hit or broken.

FTSE 100 declines into key swing low

The FTSE 100 has been turning lower, with the strengthening pound hurting internationally focused UK stocks today. Should these sterling gains continue, it is likely we will see the indice continue to underperform.

With the lows of the day coming at the key swing low of 7383, the reaction to this level will be key for the day ahead. A break below this level will point towards a reversal coming into play, while a rebound could be short-lived. To the upside, the 7441 resistance level needs to be broken to signal a continuation of the uptrend seen over the past week.

DAX turning lower from range resistance

The DAX appears to be at a turning point following a recent rally that has taken us back into the key resistance level of 13,310.

That level represents the highest point within the consolidation phase evident from 7 November to 19 November. Thus, with the price having reached that same level, it is interesting to see initial signs of a bearish reversal coming into play. The decline back into the 13,218 level is key here, negating the recent creation of higher lows. With that in mind, this market looks primed for a bearish turn. This bearish outlook remains in play unless we see a break through the 13,310 resistance level.

Dow Jones starts to roll over after recent ascent

The Dow Jones completes the trio of markets that could be on the turn, with the chart highlighting a similar shift from higher highs to lower highs and lows.

The break below 28,078 provides us with a bearish short-term picture, with further downside expected. Such weakness would be viewed as a retracement of the rally from 27,672. Thus, a bearish outlook is in play for the short term, with a break through 28,173 required to negate this view.


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