?Heavy losses for indices around the globe continue to weigh on the FTSE 100, and the price is dropping through the support zone around 8120 that has held since June.
?A close below this and the 100-day SMA would mark a bearish development and open the way to support at 8044 and then 7976. Buyers will need a recovery back above 8150 to suggest that support has been recovered.
FTSE 100 Daily Chart
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?Yesterday saw the index drop 2% for the first time in 356 trading days, its longest streak since 2017.
?The price has returned to the 50-day SMA for the first time since late May. Further declines will test possible support at 5350 and then 5274. A close back above 5500 in the short-term might suggest that a low has formed, and could put the price on course to test recent highs.
S&P 500 Daily Chart
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?The Nikkei 225 has slumped 11% from its July high to the current low, returning to the 200-day SMA for the first time since 31 October. ?This move completely wipes out the gains made in the index from late June. Further declines would head to the 37,000 level last seen in late April.
?In the short-term, a close back above 38,000 might suggest a low has been formed, though it would then need to push past the 39,000 area from May and June to solidify hopes of a sustainable bounce.
Nikkei 225 Daily Chart
Source https://www.dailyfx.com/analysis/ftse-100-s-p-500-and-nikkei-225-all-fall-sharply-20240725.html
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