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FTSE 100, Dax and S&P 500 all fall back

Indices were in full bearish mode yesterday, marking a complete turnaround from the strength seen on Wednesday.

FTSE 100’s outlook darkens

Thursday’s FTSE 100 reversal negated the expectation of further upside that had been generated by Wednesday’s bounce, and instead the index finds itself holding at the lows of the past week at 6560. If this holds then another bounce could develop, alternately further declines being the 6480 zone into view from the beginning of the month, and then on down towards 6300.

DAX in full retreat

The sharp drop yesterday puts the DAX price back on course for further declines, with 13,600 and then 13,250 in view now that hopes of a recovery have been dashed for now. Declining daily stochastics and MACD reinforce the bearish view, and suggest that a bottom is not yet in place. Bulls will want to see the price back above the 50-day SMA (13.839) in order to begin reviving the expectation of further upside.

S&P 500 reverses course

The S&P 500 drop on Thursday wiped out Wednesday’s bounce and puts the price back on course to breach the 50-day SMA (38156), reinforced by declining MACD and stochastics on the daily chart. It is still holding above Wednesday’s low at 3807, but once this is broken then a drop towards 3700 and the late January low, or further to the 100-day SMA at 3679 could come into view.

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