Indices selloff pauses for now
Strong gains across indices provide hopes that a more bullish view is emerging.
FTSE 100 continues to edge up
The FTSE 100 has rallied off Monday’s lows, although it still has plenty of ground to recover. Further gains head towards 5940 and trendline resistance from the 16 September high, and if a lower high is formed in coming hours then the bearish view will be reinforced. Above 5950 the bullish view is strengthened.
Dax tiptoeing higher
It has been a more tentative recovery for the Dax, which still remains well below the highs seen last week. However, it is still edging up, with a move above previous support at 12,800 providing a more bullish outlook in the short-term. A reversal below 12,600 spells another attempt to break below Monday’s lows at 12,500.
S&P 500 shows signs of bottoming out
A rebound from the lows of Monday continues for S&P 500, with further gains targeting 3370 and then 3420. The ongoing declines will leave open the possibility of lower highs as selling opportunities, but a move back above 3360 would start to revive the longer-term bullish view.
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