Indices steady in early trading after fresh losses
A fresh set of declines for stocks in yesterday’s session maintains the overall risk-off move, even if a small bounce has taken place in the early part of today’s session.
FTSE 100
The FTSE 100 continues to retrace from recent highs, declining in the early part of today’s session after retreating yesterday.
The break of trendline support two days ago provided the bearish impulse, and 7400 and then the 50-day simple moving average (SMA) at 7346 could provide some potential support.
A recovery above 7580 would put the price back on an upward path and bring 7630 into view, along with the pre-pandemic highs at 7800.
DAX
A rebound yesterday was knocked back as US markets fell, dragging other indices with them.
For now the lows of today’s session and two previous sessions remain intact, so a move below 15,650 would be needed to develop a more bearish view.
A bounce from trendline support and then above the 50-day SMA at 15,781 would potentially mark a more bullish view for the DAX, although trendline resistance near 15,880 still potentially comes into play.
S&P 500
Yesterday’s fresh falls and early losses have taken the index back to the 200-day SMA (4439) for the first time since June 2020. Intraday rallies such as yesterday continue to be hit by selling strength, with no sign that has yet come to an end.
With the price now below the 4540 zone, further losses could develop, targeting down to 4300 in the event of a broader decline. A reversal back above 4560 is needed to provide a more short-term bullish view.
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