FTSE 100, DAX and S&P 500 bounce from lows
Indices took a drubbing yesterday, and while they have rebounded for now there seems no end to the general selling.
FTSE 100 bounce runs out of steam
An early bounce for the FTSE 100 has already encountered more selling, with a spike towards 5600 running into resistance.
Further declines head towards 5200, with the price targeting 5170 and then 4790, the low from July 2010. A more bullish view requires a push through 5600, but given the way rallies have been sold this week it seems this will be an almost impossible task.
DAX bounce begins to stall
The DAX’s overnight bounce has run into selling, with the second surge to 9500 in 24 hours rapidly running out of momentum.
A fresh move down targets yesterday’s low at 8820, and then below this 8700 and 8350 are potential areas of support, followed up by the 8163 peak from 2007.
S&P 500 rallies for now
A fresh lower low for the S&P 500 yesterday has been followed up by the strong rebound which is characteristic of the market at present.
However, unless the price can breach 2660 then we have another lower high in the making, representing a fresh selling opportunity, targeting 2400 and lower.
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