FTSE 100, Dax and S&P 500 all move lower
Indices have come under pressure as the month draws to a close, although they will still end the month in much stronger form than that in which they finished October.
FTSE 100 moves back down at month-end
The month is drawing to an end with sharp losses in the FTSE 100 on the final session of trading, although still within the post-9 November breakout zone. This extended consolidation has frustrated buyers but is likely healthy in the near-term, allowing some of the heat to come out of the market. A deeper retracement below 6250 brings 6060 into view, although with the daily moving averages turning higher the regime will continue to shift from downtrend to uptrend.
Dax continues to drift around 13,300
Despite breaking above 13,200 the DAX has not been able to establish much forward momentum and remains in the resistance zone around 13,300 that dominated all summer. Having failed to establish a new higher high the price now looks toward the 100-day SMA at 12,859 and a possible retracement that will help provide a reset after November’s huge gains.
S&P 500 still in upward channel
The S&P 500 has edged back from the 3650 highs of last week, although it remains within the rising channel for the month. A move below 3570 breaks this channel to the downside, targeting 3460 and the 50-day SMA. Overall, the bullish view remains in place however, with upside gains coming with a move above 3650.
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