FTSE 100 edges back but DAX and S&P 500 hold firm
Indices have begun the week in mixed form, with the FTSE 100 still under pressure but the DAX and S&P 500 futures attempting to move higher
FTSE 100 dropping back from last week’s high
The FTSE 100 has edged down below Friday’s lows, although not by much, with sellers continuing to hit the intraday rallies. Below the 50-day SMA at 6649 the 6480 zone of support from February comes into play, and the near-term bearish move remains intact unless we see a revival that can clear the 6800 area, the stumbling block to any further upside since the middle of February.
DAX recovers early weakness
Some early losses for the DAX have been recovered, as it holds trendline support from earlier in the month. A deeper move below 14,400 opens the path to the 50-day SMA (14,056), but unlike the FTSE 100 the buyers are still in charge here, with the index only slightly off the record high seen last week.
S&P 500 downside limited as new week gets underway
The S&P 500 begins the week little-changed, having seen Thursday’s sharp drop give way to only a modest decline on Friday. Losses for now have been stalled, so unless the sellers can ignite a bigger move that takes out the 50-day SMA at 3866 the view will begin to shift back to a more bullish one.
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