Levels to watch: FTSE 100, DAX and S&P 500

Friday’s bearishness has continued into Monday, although, for now, the losses are limited.

FTSE 100 resumes its fall

The declines for the FTSE 100 continued on Friday, and while we are off the lows, the bearish view persists. Further falls will target the Friday lows at 6787, and then below this 6700 and then 6670 come into play.

Rising trendline support also comes in around 6790, so a move below this reinforces the bearish view. Trendline resistance from last Thursday’s highs would suggest the index needs to break 6850 to push past the lower high seen overnight. Above this, 6920 comes into play.

FTSE 100 price chart

FTSE 100 price chart

DAX falters in early trading

The DAX looks poised for further declines, having seen the bounce last week falter below 11,000. The low of Friday’s session, 10,728, and then Monday’s low of 10,584 are the next targets to the downside.

Rallies intraday will likely be met with fresh selling pressure unless we see a close above 11,000, in which case a slightly more bullish near-term picture prevails. Even then, however, the downtrend from the all-time highs of January is resolutely intact.

DAX price chart

DAX price chart

S&P 500 back to the lows

Hopes of a further recovery last week took a knock on Thursday and then were completely abandoned on Friday as the S&P 500 moved back to 2600 in short order. Potential support comes in at 2594, but a move below this brings last Monday’s low at 2582 into play, and then down to 2533 and 2532.

Having fallen out of the trading range that held during October and November, and into December, it looks like the bears remain in control. It will require a move back above 2620 to suggest that some near-term buying pressure has developed.

S&P 500 price chart

S&P 500 price chart

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