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FTSE 100, DAX and S&P 500 all suffering losses
It was a tough first half for most global markets, but the second half has not begun well either, with stocks under pressure again.
FTSE 100 heading lower again
Thursday’s sharp falls meant that the index has firmly joined the likes of the DAX and S&P 500 in heading lower once again. Global risk-off sentiment has surged again this week, just as quickly as it seemed to disappear a week ago.
After finding the going tough earlier in the week, the index fell back from 7300 yesterday. Earlier in the week the price had been unable to sustain gains above this level, and Thursday’s move marked an impressive reversal. Additional losses in morning trading mean that the 7000 level is back in view once again.
Buyers will need a strong bounce back above 7300 to reverse this view.
DAX sets its sights on March low
Fresh concerns about European growth and earnings have hit the DAX this week, prompting a renewed drop below 13,000 and taking it to a four-month low.
A return to the lows of March just below 12,500 now seems highly likely, barring a sharp recovery today that reverses the renewed bearish view. Below this the next big levels to watch are 11,700, the low from June 2020, and then the October 2020 low at 11,330.
There is little sign of any real bounce beginning to materialise, but if one does occur it will need to move back above 13,000, and then ideally above 13,190, if it is to suggest a low has been formed.
S&P 500 on the back foot after torrid first half
After its worst start to the year since 1970, falling just over 20%, the S&P 500 seems poised for more losses, which will take it back to its June low.
Below the 3640 low from last month the index will head towards the September 2020 peak at 3587, followed on by the October 2020 peak at 3544. From here the pre-pandemic record high of 3397 comes into view.
The strong bearish view would be reversed to an extent if the price can move back above the May support level of 3860, and then on above 3920.
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