?The index rallied yesterday but has seen momentum fizzle out in early trading on Tuesday.
?While it has been unable to mount a sustained rally, the price has held above 8100 since May, providing a firm area of support. A close below 8100 would likely see swift downside, heading to 8044 and then down to 7976.
FTSE 100 Daily Chart
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?Monday saw the index rally after three days of losses last week.
?The rebound from 5500 would now target the previous week’s highs, should we see further gains. From there it would be just a short move to new record highs. A close below 5500 signals more short-term weakness is likely.
S&P500 Daily Chart
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?The rally on Monday seemed to point towards renewed upside, but that has been delayed for the time being.
?The index headed lower overnight, though for now it has avoided a close below the 50-day simple moving average (SMA). Bulls still need a close back above 40,000 to indicate a low may be in, while sellers will look to a close below the 50-day to suggest additional near-term downside.
Nikkei 225 Daily Chart
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