FTSE 100 and DAX in retreat, while S&P 500 eases off

European markets remain under heavy pressure, a sharp contrast to yesterday’s bullishness.

FTSE 100 renews its move lower

Yesterday’s solid rebound turned to ashes as the FTSE 100 dived from 7400, and has begun to push lower in early trading this morning. 7240 is a major area of support, having held three times since 31 October.

Below this, 7100 comes into view. A move above 7340 would be a good first step in any recovery, and then a move through 7400 would be required, as this was significant resistance on 12 November and in yesterday’s session. For the moment, the sellers are in control.

DAX continues its rapid pullback

In the DAX as well, yesterday’s early rally was rudely knocked back. The price has continued to move lower, turning what was a possible rally out of consolidation into a potential break lower.

Dips towards 13,120 have found buyers, so if this is lost then we may see a deeper short-term retracement come into play, although given the size of the October and November rally any pullback is welcome, and would still provide scope for a year-end rally.

S&P 500 edges lower

The S&P 500 has continued to retreat from yesterday’s record high, but even now the strong uptrend is firmly intact.

A dip towards the 200-hour simple moving average (SMA) at 3099 would provide another buying opportunity. Below this, 3076 comes into view, or down to 3060 and then the 50-day SMA at 3013.

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