FTSE 100, DAX, and Dow pause after latest push higher
FTSE, DAX, and Dow hesitate after recent gains, although any period of downside looks likely to represent a short-term pullback before the bulls come back into play.
FTSE 100 falls back into notable support level
The FTSE 100 has struggled to maintain price action above the key 7225 resistance level, with price subsequently easing back since Friday’s peak.
A break back below the 7181 low brings expectations of a wider retracement phase here, with that level likely to prove key for near-term sentiment.
However, whether we see that period of downside come into play or not, the bulls are expected to come back into play before long.
DAX consolidating after recent rally
The DAX has lost momentum after a recent period of upside, with price faltering at trendline resistance.
The decline into 15416 brings about a key level to watch, and it seems we are seeing some support come into play thus far. A break back below that level brings greater expectations of a wider retracement phase coming into play.
Conversely, a rise through trendline and 15573 starts to build a story around a potential push up towards the critical resistance level of 15759.
Dow Jones falters at record highs
The Dow has managed to claw itself back into record high territory, with the index tentatively pushing through the prior peak of 35634 yesterday.
However, we are seeing the Dow falter at that level, with price falling back towards the near-term 35406 swing-low. A break below that level would signal a potential bearish short-term phase coming into play here.
However, should such a move come to fruition, it would simply be viewed as a wider retracement and likely precursor to further upside. Until we see 35406 broken, the intraday uptrend remains in play.
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