FTSE 100 moves sideways, while DAX and S&P 500 edge lower
Indices rebounded from the low of Monday’s session, but are at risk of turning lower as bullish momentum wanes in the short term.
FTSE 100 still in a tight range
While the FTSE 100 has shown little desire to move on above 7350, it has also spent the past three weeks refusing to move much below 7280.
This tight range could easily be a prelude to a continuation of the late September rally, or see a retracement towards the August lows around 7000. Range traders will be happy to play the highs and lows at 7370 and 7280 respectively, but trend followers will have to wait for a new fresh direction.
DAX turning lower as bearishness weighs
The DAX rebounded from yesterday’s lows, but has established a lower high at 12,425.
This may point the way to further declines as the index retraces some of its August and September gains. A push below 12,260 would create a lower low and provide further confirmation of a near-term downtrend.
S&P 500 stuck in a narrow range
Volatility of S&P 500 has increased here, but the overall effect has been minimal. The index continues to bounce from 2980, although it has created a possible lower high at 3010 after rebounding from yesterday’s session low.
A new push lower targets 2980, with a more bearish view requiring a break below this level. A rally through 3010 restores the September bullish view.
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