FTSE 100 and Dax head down as S&P 500 holds near highs
Indices have seen little bullish momentum so far today, with the Dax in particular unable to build on Tuesday’s bounce.
FTSE 100 still edging down
The rate of decline has slowed, with the FTSE 100 price seeing buying as it nears 6600. However lower highs continue to dominate, with no sign of the price beginning a turn higher as yet. Both the daily MACD and stochastics are continuing to decline as well, showing that sellers continue to hold sway. Further declines head towards the 50-day SMA at 6567, and then on down to 6515. The uptrend remains in place, with a much deeper retracement required to put the index on a more long-term bearish footing.
DAX bounce fails to make progress
For a second day yesterday, the DAX found support at 13,600, bouncing back towards Monday’s highs. There has, as yet been little follow-through in this bullish momentum, instead the price has dropped back from the 13,900 area that marked the opening level on Monday and the closing level on Tuesday. A daily higher high would help to bolster the more bullish view, while sellers will need a close below 13,600 to suggest a bigger retracement is at hand.
S&P 500 apparently frozen in place
The drift continues here, as the S&P 500 price finds itself unable to rally above 3850, while buyers continue to prop up the price above 3830. This marks a change from the rising channel of November, December and most of January, to a sideways drift. For the time being neither buyers nor sellers seem to have the strength to spark a decisive move either higher or lower.
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