Levels to watch: FTSE, DAX and Dow

The Federal Reserve may have stayed put, but there was little to offer equity bulls in the latest statement, which is why the drift downwards continues this morning. 

Data reflected in a persons glasses
Source: Bloomberg

FTSE downside continues as Fed statement offers little

The FTSE 100 has already visited the lows seen yesterday, around 6140, and for now remains above them. However, the risk now is that we will see more downside, given the downbeat nature of the Fed statement. Targets like towards 6129 and then 6011, while we will need to see a move through 6247 to suggest that buyers have returned in earnest.

DAX likely to find support at 10,025

Despite the sharp swings of the past 24 hours the DAX has, in reality remained firmly within the September trading range. A continued move to the downside looks likely, with support coming in around 10,025 and then 9920. Bulls need to get the index back towards 10,250, and then towards 10,413 to suggest there is a more sustained turnaround in the offing.

Dow could return to 16,232

If the index remains below the 16,700 area then I fear that we may see a resumption of selling pressure that will take us back towards 16,232 and then 16,000. The buyers need to recover 16,750 before pushing onwards towards Thursday’s high toward 16,900. 

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