FTSE 100, DAX and Dow rally starts to falter
FTSE 100, DAX and Dow rally starts to falter, with Trump and stimulus boost fading around the European open.
FTSE 100 rolls over from key resistance
The FTSE 100 has rallied into the key 5975 resistance level in early trade, with the index looking to resume Fridays positivity. However, with price turning lower from that resistance level there is good chance we will see the recent consolidation continue once again. From a wider perspective, we have been seeing a trend of lower highs, and thus the recent rebound look like a retracement of the decline from 6127. As such, another period of downside looks likely over the short-term, with a rise through 5975 required to bring about expectations of further short-term upside. Irrespective of whether that happens or not, the wider bearish trend remains in play unless the 6127 swing-low is broken.
DAX rebound falters as index heads lower
The DAX has similarly turned lower following a strong move to the end of the week, with the short-term trend of lower highs in place since Tuesdays 12948 peak. This points towards a continuation of the recent decline, with a short-term move lower looking likely until we see a break through the recent swing-high of 12858.
Dow Jones rebound comes under pressure
The Dow has started to ease back from the 200-SMA, with selling pressure starting to take hold after Fridays gains. A break below the 27251 swing-low would point towards a wider bearish picture coming into play. Until then, the question is whether we can see a rise through the 28081 resistance level to continue this recent recovery.
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