Levels to watch: FTSE 100, DAX and Dow

Small gains in early trading have been swiftly reversed, as the bearish moves of the past few days gather strength.

FTSE 100 still under pressure

The FTSE 100 continues to fall back from trendline resistance from the May highs.

A possible bullish wedge is in play on the hourly chart, but a break higher requires a close above 7420 to target 7480. Near-term targets to the downside are 7365 and then 7260.

DAX reverses Wednesday’s gains

A slight rebound yesterday for the DAX has been rapidly reversed in early trading this morning as the bears regain the initiative.

A push above 11,930 is needed to reverse the current bearish view, which suggests a deeper retracement towards 11,704.

Dow falters

While other US indices have held up relatively well, the Dow Jones has faltered, partly thanks to Boeing.

The index is now back to the 26,100 area of support, and a move below this opens the way to more downside. A rebound above 26,200 is needed to secure a more bullish view.

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