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FTSE 100, DAX and Dow all bounce but still under pressure

Indices rallied from the lows yesterday, but need further gains and intraday higher highs to provide a more bullish view.

FTSE 100 rallies off the lows

The FTSE 100 recovered from yesterday’s lows, but the overnight bounce has stalled at 7121, the 50-hour simple moving average (SMA). The reversal back below 7100 could be a bearish sign, and could suggest a push back towards 7000, the low from mid-August. A move below this heads towards 6750 and then 6550.

If the index can establish a higher low intraday then a more bullish view might emerge, and a move above 7130 would establish a higher high.

DAX unsteady despite late Thursday bounce

Thursday saw the DAX bounce off the 200-day SMA (11,829), and then rally to 12,000. Further gains would head towards 12,165, but the index needs to carve out higher lows and higher highs intraday to recover a more bullish view in the near-term.

On the other hand, it would appear that a close below 11,800 would reinforce a bearish view.

Dow bounces after weak ISM reading

The Dow Jones rallied hard off the lows, moving back off the 200-day SMA (25,843). Further gains head towards 26,470 and then 26,700, with a push above 26,290 creating a higher high.

The index continues to hold the rising trendline from the August low, but a close below 25,840 would be a much more bearish development.

This information has been prepared by IG, a trading name of IG Markets Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. See full non-independent research disclaimer and quarterly summary.

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