FTSE 100, DAX and S&P 500 all edging lower
Indices have drifted lower this morning, and with the US on a half day it may be tricky to summon up much meaningful momentum.
FTSE 100 still unable to push above resistance
The FTSE 100's attempt to push through 7440 ran out of steam yesterday, and losses have continued this morning.
However, it would need a drop back below 7300 to begin to suggest a move back to 7200 is underway, otherwise any weakness today or on Monday might provide another buying opportunity.
DAX stumbles in early trading
Here too the top end of the recent trading range continues to hold for the DAX.
A push to 13,300 earlier in the week ran out of steam, and early price action this morning has seen the price push below the 13,200 support zone seen so far this week. Support may be found at 13,100 and then 13,050, with bullish momentum potentially returning once the US is fully back in action on Monday. A drop below 13,000 would certainly signal more downside ahead.
S&P 500 back from its holiday
US markets return today, although only for a half day. For now, we have seen a higher low created above 3140, and if this holds then a push back above 3150 seems likely to follow for the S&P 500.
Conversely, a push below 3140 would suggest a move back towards the 200-hour simple moving average (SMA) at 3126, a similar situation to the 19 November to 21 November pullback.
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