FTSE, DAX, and Dow head lower, with indices breaking through key support
The FTSE, DAX, and Dow are on the back foot, with price breaking support to bring expectations of further weakness.
FTSE 100 continues to consolidate around 7200 support
The FTSE 100 has seen plenty of volatility this morning, with an early fall back into 7200 bringing an immediate rebound.
Coming off the back of a bearish reversal from the 76.4% Fibonacci resistance level, there is still a chance of further downside from here. To the upside, we would need to see a break up through the 7296 swing-high level to end the bearish trend seen over the course of the past fortnight.
Until then, there is a risk of another bearish turn to take price back down into the 7179-7200 support zone.
DAX drops through support as economic restrictions loom
The DAX has slipped back below the key 15986 support level in early trade today, with looming Covid restrictions bringing heightened risk for German stocks.
That drop through support brings an end to the trend of higher lows, with further downside expected as a result. A rise through 16204 would be required to bring an end to this negative outlook.
Dow heads lower, with price breaking through key support
The Dow has been hit hard in early trade today, with price falling back below the 35498 swing-low to bring expectations of further downside.
With an intraday trend of lower highs, we are expecting to see further weakness play out until the latest swing-high gets taken out (currently 35932).
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