FTSE 100, DAX and S&P 500 seeing some weakness
European indices have come under pressure, while in the US some weakness is finally apparent after a big run higher.
Big reversal leaves FTSE 100 at risk of more losses
The FTSE 100 suffered a sharp reverse yesterday, wiping out the gains from last week and taking it back below the January peak. A deeper retracement could now be in play, targeting the 50-day SMA at 6751. The small bounce in the early part of the session needs to move back above 6950 to avoid bringing in more sellers to hit a potential intraday lower high.
DAX steady after Tuesday’s drop
A second day of losses has seen the index give back the brief upward surge to 15,500, and now a further decline could be in play. Previous selloffs this year have been rare, but the two of any note have stabilised around the 50-day SMA, which currently trades at 14,607. Beyond this a deeper move towards 13,600 would be in the offing. Buyers will need to recover 15,300 to reverse the growing short-term negative view.
S&P 500 edges back from record high
The modest drop for this index pales in comparison with the declines in the FTSE 100 and the DAX, and already the futures are beginning to recover. A decline towards trendline support from the early March low would suggest a move towards 4050. Given the strength of the rally recently a revival back above 4150 is easily envisaged.
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