FTSE 100, DAX and S&P 500 aim for a rebound
The indices dropped back yesterday but have attempted to recover in early trading
FTSE 100 still heading lower
The FTSE 100's decline from the 6800 zone continues, with yesterday’s drop finally seeing dip buyers run out of ammunition in their attempt to defend the 6680 zone. Further declines below the 50-day SMA (6646) seem likely, bringing 6515 into view, and then the zone of support around 6480. So far there has been no sign of any reversal of the selling pressure of recent days, putting pressure on the overall bullish view of the past few months.
DAX fights to move higher
The DAX's current pullback from record highs is continuing, but without much evident enthusiasm on the part of the sellers. It looks more like a drift back before the next move higher, although for now there has yet to be any sign of rebounding bullish momentum. Further declines continue to target the 14,100 zone as possible support.
S&P 500 holds above 50-day MA
The S&P 500 reversed Monday’s gains but stands ready to resume its move higher, as it attempts to bounce from 3900. A move below 3890 would revive the bearish view, but for now the price is holding its ground.
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