FTSE 100, DAX and Dow turn lower after recent gains
FTSE 100, DAX and Dow start to roll over, following a rally into Fibonacci resistance.
FTSE 100 starts to weaken from Fibonacci resistance
The FTSE 100 has rallied into the 76.4% Fibonacci resistance level over the course of October thus far, with the index turning lower from that key resistance level. The wider downtrend still remains intact unless we see a break through the 6127 peak established in mid-September. As such, a bearish outlook is in play here, with a rise through Fibonacci resistance needed as the first signal that we could start challenging this multi-month downtrend.
DAX turning lower from Fibonacci resistance
The DAX has similarly rallied into the 76.4% Fibonacci resistance level (13196), bringing the potential for short-term downside. Unlike the FTSE, we are not within a wider downtrend here. However, there is a chance of downside if we see price break from this intraday uptrend. Thus, a move below the 13008 support level would provide a short-term sell signal given the current respect of Fibonacci resistance.
Dow Jones starts to ease back after recent gains
The Dow has started to drift lower, following on from a period of consistent gains. The consistency of this trend means there are few notable swing lows below, but down below we have an interesting trendline support which could provide a target for this current move lower. As such, further losses do see likely for the short-term, but there is a good chance such a move will represent another retracement phase unless we break below the 27653 mark.
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