FTSE 100, DAX and Dow decline as Trump contracts Covid-19
FTSE 100, DAX and Dow have weakened after the news that Trump has contracted coronavirus. But will it last?
FTSE 100 tumbles back towards support
The FTSE 100 has been hit hard after the news broke that Donald Trump has contracted the coronavirus. With this development sparking a sharp move lower, we have seen a drop back towards the 5770 lows respected throughout September. A break below that level would signal further downside to come in a bid to continue the wider downtrend seen since the June peak. However, until that occurs there is a good chance we could see the index turn higher to remains within this recent consolidation phase.
DAX pullback could provide buying opportunity
The DAX has similarly seen selling pressure in early trade, with the index giving back some of the gains seen at the beginning of the week. Crucially, this moves us back into the 61.8% Fibonacci level, where we are starting to see tentative gains. Given the recent rise through 12832, this current move lower looks like a potential retracement. As such, a break back below the 76.4% Fibonacci level and 12338 would be needed to signal a wider bearish phase coming into play. Until then, there is a good chance we start to regain ground around this deep retracement zone.
Dow Jones starts to steady above key support
The Dow has slumped back towards the 27163 support level, with US stocks being hit hard after this morning’s announcement. With the US jobs report up ahead, we can expect plenty move volatility to come. The short-term uptrend remains intact until that 27163 support level is broken, with the bulls starting to come back into play here. As such, a bullish outlook remains unless we see that 27163 swing-low taken out.
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