Indices struggle in early trading
After a mixed session yesterday indices are beginning to head lower.
FTSE 100
Yesterday’s bounce for the FTSE 100 fizzled out, as did the one the day before. However, the 7060 support zone continues to hold, limiting downside pressure for now, but there has been a notable lack of sustained bullish momentum for the best part of two weeks. Gains will need to recover 7150 to really put the bullish view back in charge.
DAX
The DAX's surge on Tuesday to 15,700 failed to turn into anything more sustained, and as a result the price has edged back from Tuesday’s peak. For now the possible lower high at 15,730 has yet to turn into anything more serious, and higher lows in recent sessions continue to provide a bullish impulse.
S&P 500
The slow and steady grind higher continues, as the price moves to a new peak. Some slowing of momentum has been seen, and while it might not be a moment that particularly favours a bearish view, latecomers to the bullish view may also find the risk-reward outlook less than favourable at present.
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