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The same conditions seen yesterday prevail today, namely a lack of data and worries about the situation in Greece. Borrowing costs are on the rise for Greece, while German bunds are popular among investors as a safe haven. With only a day and a half day of London trading left in 2014, the Greek situation will continue to dominate the news.
FTSE slips below 6600
The FTSE 100 is slipping below the 6600 mark, with possible support first available around the 200-hour MA at 6536. The 100-day MA capped gains throughout the past week and now it seems the index is running out of upward momentum.
Downside support is possible around 6500 and then 6430, while a more sustained fall would take the index back towards 6200, for yet another test of this key level.
If the index can clear the 100-DMA it then targets 6680 and then 6760, but it will take a significant rebound in sentiment to change the rather grim outlook for this index.
DAX RSI moves lower
DAX bulls will eagerly point to the crossover of the 50- and 200-DMAs, but aside from this one bullish development the overall picture looks less pleasing for the German index.
The upward move in the daily relative strength index stalled last week and the indicator has begun to move lower, while the price itself has failed to break through 9950. A possible support still holds at 9735, with 9560 beyond that. On the upside a break of 9950 would put us on course for the December high at 10,100.
Dow still in rising trend
For this index it could be argued that a rising trend is still in progress, with any drop back being a retracement. The beginning of the short-term trend is to be found at the 16 October low, with the December dip to 17,100 being the first pull back. The Dow was able to move beyond 18,000, if only briefly, so any pullback here could find support at 17,800, or at the rising trendline from October at 17,400.
With the daily RSI dropping lower it looks as if buying momentum has come to a halt for now, especially given the lack of bullish catalysts on the calendar as the year comes to an end.