Indices all stumble in opening trading
Stock market indices gapped down overnight, and while European markets have recovered some losses, the overall tone remains bearish.
FTSE 100 renews its move lower
The FTSE 100 gapped down once more overnight, but as we saw last week, for the time being, buyers are prepared to step up around 4800.
So long as this holds we have some support, but as we saw on Friday substantial bounces tend to be sold. Any rally towards 5400 may encounter more selling. Meanwhile a move below 4800 would eliminate the last real support before 4100 and then 3700.
DAX holds 8200 after gap down
The DAX managed a promising surge to 9200 on Friday, but has now dropped back towards 8200.
If it can hold this level then a rebound towards 9200 might run into resistance, while below 8200, 8000 comes into view. 7500 is the next big level to watch, and then on a monthly chart the 2011 lows at 5300 are the next levels to watch.
S&P 500 under pressure from gap down
Another lower high on Friday merely leaves the S&P 500 downtrend intact, and a gap down overnight has created a new lower low.
Rebounds towards 2400 might provide selling opportunities, and new big levels to watch to the downside target 2040 and then 1960, November and June 2016 lows respectively.
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