Indices still on the back foot after recent losses
Stock markets are struggling as a new week gets underway, with European markets in the red in early trading.
FTSE 100
Friday’s decline has resumed today, with the FTSE 100 at its lowest level since mid-May.
After stalling below 7200 since mid-June there is now a full-blown retracement underway. The first area of support to watch is 6875, a region crucial in April and May. Below this 6600 could potentially come into play.
Dip buyers will want to see a recovery above 7000 to establish a higher low.
DAX
Three days of notable losses still leave the DAX heading towards the 15,278 lower bound of the recent trading range. A break below this brings 15,000 into view, with dips just below this around 14,950 finding buyers back in April.
As yet the buyers do not appear to have any ability to hold back this market from further declines.
S&P 500
The S&P 500 has gapped lower and is looking to push back towards the 50-day simple moving average (SMA), currently at 4244.
Since late January pullbacks have either found support at the moving average or have briefly pushed below it before rebounding. Buyers will be watching to see if the same thing occurs this time.
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