Fed minutes put heavy pressure on indices
Indices have fallen sharply in the wake of FOMC minutes, with the downward move amplified by the prevailing low volume conditions.
FTSE 100
A steep drop on the open puts the FTSE 100 below the 50- and 100-day simple moving averages (SMA) of 7093 and 7042 respectively for the first time since late July.
A conclusive break of trendline support and a failure to clear the June highs puts the bearish view firmly in charge, targeting 6874.
DAX
Losses in EUR/USD have helped to ease some of the fall for the DAX, and for now the drop only retraces some of the gains made since late July.
If the buyers can hold the price above the 50-day SMA at 15,655 then the bullish view is still intact. Further declines below this bring 15,500 and then 15,000 into view.
Dow
Three days of declines have carried the Dow from a record high to the 50-day SMA at 34,718.
If the price can bounce from this level, then a move back to the record seems likely. Further support could be found at the 100-day SMA at 34,428.
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