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The buy-on-the-dips strategy is still very much apparent but with a more hawkish Mark Carney and the uncertainty surrounding the Scottish referendum, we may simply see a sideways drift in indices in the coming days in the absence of any bullish catalysts.
FTSE could drop through 6804
The FTSE 100 is now anchored around the 6800 level. The UK benchmark dipped as low as 6770 yesterday but the 100-day moving average remains as the main support metric, coinciding with previous support at 6780.
The 6830 level and the crossing of the 50- and 200-hour moving averages on the one-hour chart are capping gains for now. Any drop back through 6804 targets the 6780 level once again.
DAX eyes 9874
The 9800 level is still the resistance point and with the rising trendline support coming from the June 2012 lows, at 9700, the question of which level will break first remains. A fall through the 9700 support has targeted the 100-DMA at 9660, but unless we see a daily close below it there is a chance the DAX can pop back up again.
The 9605 level is likely to come into effect should more protracted selling take place. A rise and a daily close through the 9800 level takes us towards 9874.
Dow could target 50-DMA
Recent all-time highs on the Dow Jones remain the barrier to any additional highs, with the index remaining below the 17,100 level. The current range sees 17,018 at the base and 17,160 at the top. We could expect a measured move should the market decide to challenge the range metrics.
The diverging relative strength index on the daily chart suggests that we could see sideways trade at best for the coming days. A move back through 17,000 would target the 50-DMA at 16,910. A rise through the top would see the Dow make inroads towards 17,300.