FTSE 100, DAX and Dow all edge higher after recent heavy losses
Indices suffered heavy selling last week, but have managed to nudge their way up in cautious early trading.
FTSE 100 back to 7400
Friday witnessed the index close below trendline support from the August low, and below the early October low. Further losses now beckon towards 7300 and then down to 7215, the low from mid-August. Sellers have been firmly in control here over the previous three sessions, after the index fell back from the 7700 zone for the third time since the second half of July. Recent weakness has seen some buying emerge around 7370, with a close back above 7400 providing some hope that a short-term low has formed.
DAX sits at seven-month lows
The losses of the past two weeks have finally seen the index head back towards its March lows, wiping out all the gains made since the banking crisis. The past two months has seen the index reach new lower highs and lower lows. This leaves the near-term bearish view intact. In the short-term, the index would need to rebound above 15,500 to suggest that a low has formed and that a new attempt to clear post-July trendline resistance is underway.
Dow losses pause for now
The second half of last week witnessed the index lose 1000 points, and a move back to the early October low seems likely. Below this, the May low around 32,500 comes into view as possible support. Further declines then see the index target the March lows below 32,500. In the short-term, a close back above 33,500 might suggest that a low has been formed for the time being.
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