FTSE 100, Dax and S&P 500 on the back foot
Indices have continued their weakness from the previous session.
FTSE 100 turns lower after breakout
The FTSE 100 has failed to gain any traction to the upside, which might have been expected following the break higher from trendline resistance earlier in the week. Instead, the move has stalled and a drop below the lows from last Friday seems likely, bringing the 50-day SMA (6548) into view once again. It looks like the correction from the January peak has further to go, although the overall uptrend is still in place.
Dax weakens in early trading
This DAX has also seen its momentum stall after making some headway earlier in the week. A failure to pierce 14,000 to the upside was followed up by declines, although unlike the FTSE 100 a move below last Friday’s low is not yet in prospect. Deeper losses bring 13,600 into view, followed up by the 50-day SMA at 13,520 and then on to rising trendline support from early November.
S&P 500 moves lower for another day
The S&P 500 has edged back from the highs seen earlier in the week, although the overall push higher still looks broadly intact. The channel in place since early November remains in pace, with the price having neared the upper bound on Wednesday. Elevated stochastic readings continue to speak to the strength of the rally, with no sign of a broader pullback yet on the horizon.
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