FTSE 100, DAX and Dow ease back after recent break
FTSE 100, DAX and Dow turn lower after recent rally, yet recent uptrend remains intact.
FTSE 100 back at key resistance after yesterdays breakthrough
The FTSE 100 managed to break through the 7636 resistance level yesterday, signaling a likely push higher from here. However, with US Treasury Secretary Steve Mnuchin stating that the phase one trade deal will not reduce tariffs on Chinese goods, we saw some of that upside ease off.
Nevertheless, the short-term uptrend remains intact, with the index rising back into that 7636 resistance level once again this morning. Watch out for a break through 7653 to continue this bullish theme, whereas a decline below 7587 would bring about a more bearish short-term view.
DAX breaking lower from trendline once again
The DAX continues its gradual decline, with the descending trendline seen over the past week continuing to play a role.
With the index turning lower from that point of reference, it looks likely we will see further downside today. A break through trendline resistance and the 13,508 level would be required to negate this short-term bearish outlook.
Dow Jones turning lower from resistance following break higher
The Dow Jones managed to break through the 28,975 resistance level yesterday, only to be undone by the key 29,057 level.
We have been moving lower since, yet the 28,773 level needs to be broken if we are to look for longer lasting losses. As such, another leg higher looks likely before long, with a break below 28,773 needed to bring a more bearish outlook.
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