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The selling has paused for the time being, as signs of progress appear in Hong Kong and investors put the disappointment of the European Central Bank behind them. However, it is too early to suggest we have seen the end of this latest dip.
FTSE aims to recover 6500 level
A key test for the FTSE 100 today will be whether it can close above the 6500 mark. A recovery of this level would give the index a firmer foundation from which to rally in the coming week, as it looks to regain lost ground. If it does succeed in attaining this modest goal then 6530 is the next target, followed on by 6580.
We have yet to see the daily relative strength index move out of oversold territory so until this happens the bears are still in control. Any drop below yesterday’s low of 6423 means that the next line of potential support is 6400 itself.
DAX holds at 9200
The DAX market is closed for a German public holiday but clients can still trade our Germany 30 market. The 9200 level has held for now, but any close below here targets the August low at 9000. Meanwhile, on the upside the 9460 area around the 50-day moving average is an important first step in any rally.
Dow could reach 16,900
The Dow Jones’s move lower stopped shy of the 200-DMA yesterday, and with the daily RSI on the up we may see a test of the long-term uptrend line around 16,900. We lost this line on Wednesday, but a recovery would give the bulls some much needed breathing space. For the time being the 200-DMA is a downside target if the market weakens again, and then the August low at 16,370.