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FTSE 100, DAX and Dow turning lower after recent rebound

FTSE 100, DAX and Dow gains could come under pressure once again amid ongoing trade worries.

FTSE 100 consolidating after recent rebound

The FTSE 100 has failed to really gain traction like its global counterparts, with the ascent of the pound holding back the potential gains for this market. We are trading around the 7196 level, which represents the low from 21 November.

While we are seeing some downside in early trade, we would need to see a break below 7132 to signal a continuation of this wider bearish trend. Otherwise, look for a break through 7196 to signal a push upwards from here.

DAX turning lower after recent retracement

The DAX saw a strong surge over the course of yesterday's session, with the index rising towards the 61.8% Fibonacci retracement level. The wider picture remains bearish given the breakdown through the 13,040 support, and thus there is a good chance we will see the index weaken before long.

That appears to be happening, with a bearish engulfing formation potentially signaling the end of this rebound. As such, watch for further downside, with the 13,099 support level providing the first hurdle to overcome within a potential resurgent bearish story.

Dow Jones showing signs of weakness at Fibonacci resistance

The Dow Jones has similarly regained ground over the past two days, with the index moving into the 76.4% Fibonacci resistance level.

The first failure to break through that level has been doubled down upon with early trade today seemingly failing to create a new high. Watch for a breakdown below 27,612 for a bearish signal from here, with a rise through 27,855 required to negate this bearish outlook.

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