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FTSE 100, DAX and Dow easing back after Trump boost

FTSE 100, DAX, and Dow are starting to weaken once more, following on from a Trump-fuelled rally.

FTSE 100 starting to ease back after Trump bounce

The FTSE 100 managed to rebound off President Trump’s comments that indicated a US-China deal could be 'closer than you think'. However, just like the Chinese markets, we are seeing that initial FTSE 100 optimism fade as time passes.

Coming off the back of a 61.8% retracement, there is a good chance we will continue the bearish breakdown that had taken shape on Tuesday. A wider bearish picture is confirmed with a break below 7213. Meanwhile, a wider bullish picture comes with a rally through 7368.

DAX rally stalls within downtrend

The DAX similarly rallied yesterday evening, with the price rising towards the key 12,296 swing-high. We are seeing those gains fade, with the price turning lower overnight. Given the recent uptrend, there is a good chance we will see further downside to come.

However, a break through 12,296 would negate this and point towards a wider period of upside.

Dow turning lower from trendline resistance

The Dow Jones also seems to have had a limited boost from Trump’s comments, with the rally into trendline resistance now being greeted by a more bearish phase.

The rally looks likely to bring further downside for the day ahead, where a break through 27,026 would be required to negate this bearish outlook.

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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