FTSE 100 and Dax looking to gain as S&P 500 comes under pressure
European indices are looking in better form than the S&P 500, with the latter struggling to recover its upward momentum.
FTSE 100 edges up after mixed Wednesday
The FTSE 100 pushed towards 6700 yesterday, moving into the zone around this level that has held back progress over the past week. However, it was not able to hold its gains and fell back, finishing below the 50-day SMA once again. Another attempt this morning appears to be in the offing; clearance of 6700 is needed to provide a more near-term bullish view, and to open the path to 6800 and higher. The bearish view has been negated for the time being following the bounce from 6470.
DAX stuck below 2021 highs
Here too we witnessed a push into a resistance zone, this time into the 14,100 area that has marked the limit of progress since the beginning of the year. It continues to hold above the 50-day SMA (13,880), maintaining a more positive view for the time being, but at some point, the DAX needs to break higher or begin a bigger retracement. For the time being the buyers appear to have the upper hand.
S&P 500 drops below 50-day MA
The current move lower has turned into the most sustained drop, if certainly not the largest, in months. Yesterday’s plunge took the price back below the 50-day SMA (3827), and further losses put the January low at 3690 into view. Unlike the other indices above which remain more towards the bullish end of the spectrum, the S&P 500 is still struggling to make headway, and as a result for now the sellers are still in charge. This would only change with a move above 3860 in the first instance.
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