FTSE 100 and Dax surge, while S&P 500 makes more modest gains
Indices suffered a sharp drop last week but are making some early gains at the start of a new month.
FTSE 100 rebounds off the low
The FTSE 100 has begun to move up after taking some heavy losses last week, with the initial drop taking the price to its lowest level since 1 December. We have yet to see firm evidence of a higher low being formed, but will watch for signs of one in the coming days, namely intraday higher highs and higher lows, and also bullish crossovers in the daily stochastics and MACD. Further declines target 6244 and 6038.
DAX rallies off one-month low
For this DAX the pullback has been slightly less dramatic, taking the price back to its lowest level since late December. An attempt at a bounce on Thursday and Friday met a wall of selling, so bulls will be hoping for a more durable move higher today, clearing 13,600 and the 50-day SMA (13,582). Further declines head towards 13,200 and then 12,954.
S&P 500 edges up after heavy losses
The bounce has been much weaker here, the S&P 500 price only moving modestly higher, whereas in Europe and Asia the picture is much stronger. However, the price has started back above the 50-day SMA (3724), but much will depend on whether the bounce can be sustained throughout the US session. A failure to achieve this would likely spark a reversal below 3700 that brings 3661 into view, the high from 9 November, or down to 3545, the mid-October peak.
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