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Levels to watch: FTSE, DAX and Dow

No deal at Doha brings a clear risk-off sentiment across financial markets. As the indices attempt to regain ground, we are looking at it with a bearish point of view, with further losses likely.

Data
Source: Bloomberg

FTSE recovering after Doha drop

The FTSE 100 is attempting to regain some of the ground lost at the open, driven by crude weakness after discussions in Doha failed to reach a deal. This is likely to provide a bearish shift in sentiment for the week and thus while we are seeing a bounce right now, it is likely to be a retracement before another leg lower.

As such, look out for possible resistance at Fibonacci levels of 50% (6318), 61.8% (6332) and 76.4% (6349). A bullish view would come back into play with a move above 6376.

FTSE

DAX bounce unlikely to last

It's a similar picture for the DAX, where Friday’s rally into resistance will likely mark a top for now. We are currently seeing the index regain ground after a gap lower this weekend.

However, the sellers are likely to return soon enough. Thus it is worth looking for another move lower with from the Fibonacci retracements of 50% (10,005), 61.8% (10,029) and 76.4% (10,058).

A bullish view would only return with a closed hourly candle above 10,121.

DAX

Dow sells off from major resistance

The Dow Jones also rallied into a major resistance point last week, coming just shy of the 17,978 November 2015 high. The hourly chart shows this morning’s gap lower has created a new lower low and further losses seem likely.

Once more we are seeing a bounce. However, we will once more be looking for Fibonacci resistance to push it lower once more. In particular, the 50% pullback coincides with Friday’s low around 17,870. 

DJ

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