FTSE 100, Dax and S&P 500 recover from Thursday’s low
Indices have edged higher off Thursday’s low, but are coming under pressure in early trading.
FTSE 100 stalls after rebound
The FTSE 100 recovered from a dip towards 6000 yesterday, but gains have stalled at 6060, with the 50-hour SMA (6058) rolling over for the first time since the beginning of this current rebound. A drop below 6000 for the index would be a negative development, and suggest that a lower high at 6120 had been created. Further gains above 6060 target 6120.
Dax stuck below recent highs
Despite the Dax recovery from the low early on in yesterday’s session the price has yet to mount a meaningful attempt to break through 13,300, a situation that has prevailed for over a week. Dips towards 13,100 in past sessions have brought out the buyers, so we wait for a break of this range to provide clarity on the next medium-term move.
S&P 500 edges up from Thursday’s lows
The S&P 500 price has tiptoed higher, but the sharp drop in the wake of the FOMC meeting has dented the bullish view that had been emerging earlier in the week. Selling has been stalled at 3320 over the past week, providing a possible foundation for further gains. But these gains have run out of steam at 3420. Bulls will need to break this level to provide scope for more upside while for sellers a close below 3300 opens the door to a deeper retracement.
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