FTSE 100, DAX and S&P 500 all struggle to hold early gains
Indices started the day with gains, but bullish sentiment is beginning to slip away once more.
FTSE 100 briefly lifted by BoE rate cut
For the second day, the FTSE 100 bounced from 5900. The index is on a course to target 6200, which marked the peak of gains over the past few days.
Above 6200, the 6446 level comes into play, the top end of the gap down. Failure to hold above 5900 would mark a renewed push to the downside, targeting 5692 and then down to 5485.
DAX struggling to maintain gains
The DAX found support at 10,400 yesterday, as it did a day earlier, but the morning bounce may be running out of steam already.
A short-term bounce requires a push through trendline resistance from Tuesday’s highs, through 10,700, opening the way to 10,880 and 11,000. Below 10,400, 10,200 and then 9967 are near-term targets to the downside.
S&P 500’s overnight bounce fizzles out
Late-day rallies are a feature of US markets at present, and if nothing else have helped the S&P 500 to establish higher lows since the Monday low.
However, gains have stalled around 2885, so a breakout above here is needed to build on the bullish impression. Rising trendline support from Monday’s low has held up the price so far this morning, with a move below this targeting 2729 and then down to 2624.
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