FTSE 100, Dax and S&P 500 move cautiously higher
Early trading has seen indices attempt a small recovery, but it is too early to suggest that the low is in.
FTSE 100 fights to hold 5500
We may be seeing signs of stabilisation in FTSE 100, even if only for a time. The price is rallying off 5500, and if we can see a close above yesterday’s high (5632) then a more positive view may begin to emerge, although the longer-term downtrend for this index means that a rally towards the 50-day SMA at 5910 could end up creating another lower high. A close below 5500 reverses this view and opens the way to 5325 and 5170.
Dax attempts to bounce
The DAX has rallied from 11,400 in early trading, a brief pause after the relentless selling of the week. A rally above 11,700 helps to bolster the more bullish short-term view, and then brings 12,063 and the 200-day SMA into play. From there 12,200 and trendline resistance from the mid-October peak come into view.
S&P 500 looks to move off the lows
An attempt at a recovery last night was beaten back, but the pace of decline has definitely slowed compared to earlier in the week. While the S&P 500 price has failed to recover the 100-day SMA (3314), the pullback has yet to test the low around 3214 that was created in mid-September. For now intraday rallies continue to be sold, and intraday higher highs have yet to develop. Until they do the sellers appear to have the advantage.
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