FTSE 100 moves higher but Dax and S&P 500 fall back
While the FTSE 100 has tiptoed higher, the Dax is firmly in the red and US futures point towards further losses.
FTSE 100 continues to bounce from lows
The FTSE 100 has managed to put in a decent performance over the past few days, rallying from Thursday’s low. However, last week saw a lower low formed, reviving the longer-term downtrend, so while a short-term bounce may be in the offing, it will take a push through the mid-October high at 6045 to reverse the longer-term bearish view. A reversal below 5775 would spell a new push towards 5700 and lower.
Dax begins new week with steep losses
Here the picture is much more in the bears’ favour, the DAX falling sharply in early trading and pushing below the 12,335 low of the past month. The sellers remain firmly in control, with further losses heading towards the 200-day SMA at 12,101, and then on towards 11,704 over time. A break above 12,600 would clear trendline resistance from the October peak and suggest that the buyers are regaining control.
S&P 500 edges back at start of busy week for earnings
With so much of the tech sector reporting this week, and the presidential contest just over a week away, it is not surprising that the S&P 500 has reversed course back towards last week’s low. It has yet to clear the 50-day SMA at 3412 however, but it looks like the correction both in time and price will continue for the time being. Trendline resistance from the October peak has held back progress in recent days, but a move above 3455 would suggest a bullish move is back in play.
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