FTSE 100, Dax and S&P 500 all falling sharply
Indices continue to suffer sharp losses, with the Dax in particular enduring steep declines.
FTSE 100 returns to April levels
The FTSE 100 is now at its lowest level since late April, and shows no sign of turning higher. Having broken various support levels to the downside the index now targets 5497 and then 5335. Intraday bounces have been cues for more selling, so even a rally today may not be able to provide much bullish momentum.
Dax suffers another dive
This DAX continues to tumble, surrendering all the gains made since the middle of June. The speed of the correction will have caught many by surprise, but there has been little in the way of upside in anything but the shortest timeframes. Further declines now target 11,265, while a recovery above the 200-day SMA (12,083) might provide some hope of at least a near-term rebound.
S&P 500 keeps falling
Here the S&P 500 drop has been more measured, and for this index it has only meant the loss of gains made since the beginning of October. However, with momentum indicators like MACD still firmly negative the advantage appears to lie with the sellers. Even a rebound towards 3410 and the 50-day SMA would not entirely change the overall bearish move of the past two weeks.
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