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Charting indices: could indices sell off once more?

The recovery we saw last week on the FTSE100 could be short-lived. What looked like a bounce back appears more and more to be just a retracement after this morning’s move lower.

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It now seems to be heading back towards the September 24 low at 5,950 points, which could be an important support. A similar move can be seen on the German DAX, which is now back at its late August lows.

The DAX doesn’t seem to be able to hold any gains at the moment. On the S&P500, key supports have been taken out, which has created a broadening formation, and indicates that the index could go lower once more.

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