FTSE 100, Dax and S&P 500 move cautiously higher
Indices have managed to stabilise after sharp losses, although sentiment is still fragile ahead of the US election.
FTSE 100 holds 5500
Friday saw the FTSE 100 rally from 5497, and this level is holding this morning. Having slumped to a seven-month low the downtrend from June is still firmly in place, but now we could see the beginning of a rebound towards the declining 50-day MA (5900). A rally above 5600 would help to bolster that view. Alternately we look for a drop below 5500 and a resumption of the current slump from the early October lower high at 6000.
Dax rallies off Friday lows
Here too the DAX rallied off its lows on Friday, providing some small comfort after the sudden decline of last week. For now, this just looks like consolidation after the big fall, but a move back above 11,700 might provide a more short-term bullish view, although if this does come to pass a move above 12,400 would still be required to confirm the break to the upside.
S&P 500 pauses after losses
The S&P 500 sell-off has paused at 3250, with a dip below this level on Friday finding buyers. With the election now so close the market is unlikely to see much concrete movement, but the recovery of the 100-day MA at 3317 would be considered an important first step for a renewed move higher.
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