FTSE 100 and Dax edge lower as S&P 500 holds near record highs
European markets continue to drop back, even as key US markets such as the S&P 500 look at making new record highs.
FTSE 100 still under pressure
The FTSE 100 continues to decline, losing ground over the past week and a half, with a break below 6000 likely to open the path to 5860 and the low from the end of July. At present price action is not pointing to any sign of a near-term rebound, with even the short-term rallies of the past week running into sellers. A rally through 6060 would signal perhaps that a more meaningful break to the upside is developing, with the lower highs at 6110 and 6170 immediate targets in the event of a move higher.
Dax pushes lower
Lower highs continue to be seen in DAX with Tuesday and Wednesday’s bounces running into selling, and a rally from Thursday’s low topping out around 12,920. Further declines target 12,750, the low from yesterday, while below this 12,550 comes into view. Bulls will need to seize control and reverse the pattern of lower highs to establish a more optimistic outlook.
S&P 500 stalls at recent highs
This week has seen the S&P 500 hit a new record, but as Friday’s session gets underway the price has continued to edge downwards. Recent weakness has been contained above 3350, so sellers will need to push the price below this to gain any real traction. 3399 is the target in any push higher, and above this the index is in new record high territory.
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