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FTSE 100 and DAX drop while S&P 500 paused

Indices continue to suffer heavy losses in early trading, as US futures go limit down once again.

FTSE 100 slumps in early trading

The FTSE 100 continues in a downtrend, with the bounces continuing to be sold.

Rebounds towards 5400 may provide the chance to sell again, with previous lower highs at 5685 and then 5894 providing near-term targets to the upside.

DAX in retreat again

There has been no end to the selling for the DAX. Rallies towards the 50-hour or 100-hour simple moving averages (SMAs), at 9306 and 9941 respectively, continue to find sellers as we saw on Friday.

Patience becomes the key asset at this point, since chasing the market to sell at the low or buy at the highs without reference to oscillators such as stochastics will lead to a run of unsuccessful trades.

S&P 500 faces another limit down day

The S&P 500 has started the week with futures halted at ‘limit down’. As a result, we may see them play catch-up at the market open, racing to match the declines seen in Asia and Europe.

This is likely to eat into much of the rally seen on Friday, with 2500 likely to be lost in early trading. Like other markets, the index remains in a downtrend, and Friday’s rally only puts a small dent in those losses.

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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