FTSE 100, DAX and S&P 500 mixed in early trading
Indices bounced yesterday, but the upward move is beginning to fade away once more.
FTSE 100’s bounce runs out of steam
The FTSE 100 bounced from the overnight lows yesterday, but was unable to maintain forward progress, hitting a lower high around 5550.
This leaves the series of lower highs from 26 March intact, and with the index turning lower in the early part of Friday we may see a retest of 5340, an area of support that has held twice this week. Below this 5170 is the first target. A more bullish view requires a push above 5550, to then head towards 5700.
DAX drifts down from lower high
Here too, while the DAX bounced from the lows of midweek around 9300, it could not hold on to those gains, falling back from 9650.
Further declines below 9300 head towards 9160, then 8700 and 8350. A revival above 9650 would reverse some of the negative impression, and see another attempt to break above 10,100.
S&P 500 holds firm in early trading
Having failed twice in the past two weeks to clear 2650, the S&P 500 has fallen back, although for now it is holding above 2450.
However, an overnight bounce to 2530 appears to have run out of steam, and now the index may be poised to move lower. A drop below 2450 and then 2400 would be a bearish development and bring 2200 into view once again. Above 2530 another run towards 2650 is a possibility.
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