Indices edge up after Tuesday’s drop
Some weakness yesterday has already been met by buying pressure, with the DAX in particular back at recent key support.
FTSE 100
Yesterday’s drop for the FTSE 100 has yet to turn into anything more serious, but the 7180 zone remains unbroken, raising the prospect of a rolling over in momentum to the downside. However, for the time being the buyers do still have the upper hand, with the price remaining above the 50-day simple moving average (7067). A move lower targets 7000 and then 6945.
DAX
Unable to push on above 15,700, the DAX has once again fallen to 15,460 and has found support, as it did in late June. This lack of movement will continue to frustrate both buyers and sellers, but the former will be pleased that support has held yet again. A bounce back towards 15,700 now comes back into view.
S&P 500
The S&P 500 recovered from its small selloff, moving back above 4330 and avoiding any renewed downside for now. A move below 4320 is needed for the correction to turn into something more serious.
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