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FTSE 100, DAX and Dow turn lower after recent gains

FTSE 100, DAX and Dow are declining once again, with recent gains starting to come undone.

FTSE 100 turning lower after recent gains

The FTSE 100 has started to weaken once again, following on from a period of gains yesterday.

The recent trend of lower highs and lows points towards the index weakening further to continue the bearish trend. With that in mind, further downside looks likely, with a bearish bias in place unless we see the price rise through 7189. Looking at the stochastic oscillator, we can see the bearish cross taking place at trendline resistance in a move that looks to continue the trend of lower highs.

DAX turning lower from Fibonacci resistance

The DAX is similarly turning lower, following on from a rally into the 61.8% Fibonacci resistance yesterday.

That rebound comes within a bearish pattern, with the prior break below 11,598 signaling a high likeliness of weakness if we see short-term gains. That seems to have played out, with the reversal in momentum highlighted by the bearish crossover in the stochastic oscillator. A more bullish picture would come into play with a rally through 11,862.

Dow weakening after rally into 61.8% Fibonacci resistance

The Dow Jones has also turned lower from the 61.8% Fibonacci resistance level. Coming off the back of a bearish breakdown on Friday, it is likely that we will see further downside come into play before long.

From a wider perspective, we have higher lows and largely flatlining lows in play, highlighting the importance of a potential breakdown below 25,354 as a precursor to wider weakened. It also signals how a rally through the 26,426 would manage to take us out of this consolidation phase.


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