FTSE 100 and DAX falter, while S&P 500 holds above 3000
European markets remain under pressure, while US markets await news from the Fed meeting today.
FTSE 100 works off recent gains
Such a dramatic rally needs time to be worked off, but with 7600 having marked notable resistance earlier in the month a dip towards this level would not be surprising and still provide a buying opportunity. Below 7600, the 7475 area comes into play as possible support, while a recovery above 7670 helps to revive the bullish short-term view.
DAX looks to hold trendline
Yesterday’s slump resulted in the DAX hitting rising trendline support from the December lows.
If this holds, a rebound may develop, however, a move above the 50-day simple moving average (SMA) at 12,244 would be a necessary first step. Further declines head towards 12,000, 11,815, and then 11,600, the low from the end of May.
S&P 500 pushes on above 3000
US markets have been struggling to maintain the bounce from the end of last week, but the S&P 500 has managed to hold above 3000.
Further gains head towards 3030 and the peak from last week. Meanwhile, a break below 3000 would begin to develop a more short-term bearish view. The index will likely remain quiet ahead of the Fed meeting.
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