FTSE 100 stumbles as DAX and S&P 500 look to move higher
While UK markets continue to drop back, the DAX is holding the 200-day moving average and the S&P 500 is back at recent highs.
FTSE 100 falls below 5900
The FTSE 100 has seen fresh losses this morning, wiping out the small gains made late on Friday.
Having dropped below 5950, the price remains under pressure, with 5650 and then 5400 as possible near-term targets. Certainly, there is no change to the progression of lower highs seen over the past three weeks, and until this happens we expect further losses here.
DAX looks to hold 200-day SMA
The price of the DAX is holding above the lows of last week, as it hovers above the 200-day simple moving average (SMA) of 12,192.
Gains at the end of last week stalled around 12,550, so if we are to see a recovery this is the first area to watch. Beyond this 12,900 comes into view. Below the 200-day SMA the price targets 12,000 and then down to 11,715.
S&P 500 holds near recent peak
The S&P 500 staged a last-minute rebound on Friday that saw it recovery its losses and bounce from 3215 for the second time in as many days.
Further gains towards 3300 would renew the uptrend, while a breach of 3200 is required to open the way to more downside.
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