FTSE 100, DAX and S&P 500 edging back after recent gains

Indices are beginning to head modestly lower, after a strong run over the past six weeks.

FTSE 100 wilts after Tuesday bounce fades

The more positive view created in the early part of yesterday’s session has given way to increased caution, as the FTSE 100 retreats from Tuesday’s highs and begins to fall through the post-October rising trendline.

Further weakness might suggest a return to the 50-day simple moving average (SMA) at 7282, which provided support earlier in the week and at the end of October. Intraday, the price is currently oversold, and may see a recovery above 7330 that revives the more bullish view.

DAX stuck below recent highs

Although stuck below 13,300 for now, the price of the DAX has continued to record intraday higher lows, with a drop back from yesterday’s high finding support around 13,200.

The next major resistance above 13,200 is 13,600, the highs from January 2018. We have yet to see even a hint of a bearish reversal that might prompt some near-term weakness.

S&P 500 still finding buyers to push higher

Even small dips continue to be bought for the S&P 500, as seen since yesterday afternoon, when a drop back towards 3080 began.

Buyers have begun to push the price higher once again, and a move above 3100 revives the existing uptrend. Short-term weakness might ensue following a move below 3070.

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