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Zak Mir on the major indices & tapering fear

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By Zak Mir.

 

Renewed tapering fears have hit leading indices, just when most traders might have thought that we were in the run up to a decent end of year rally. Interestingly enough, the FTSE 100 was something of a leading indicator as far as the latest decline for U.S. equities as it did not follow them into record territory. 

Nasdaq 100: Target Towards 3,800 While Above 3,400 Zone 

  • Unfilled October gap to upside and subsequent fill failure a major buy signal
  • Consolidation towards floor of 2013 price channel / 3,400
  • Likely progress towards 3,800 given recent consolidation either side of 3,400 

Dow:   Likely 50 Day Moving Average Test 

  • Overall rising trend channel from May
  • Recent October 200 day moving average deflection
  • Likely support towards 50 day moving average at 15,545 

FTSE 100: Support As Low As 6,450 Before Higher 

  • Leading downside indicator in terms of latest U.S. stocks decline
  • March price channel floor at 6,450 initially before rebound.
  • H2 December target towards 6,900 plus should 6,450 zone hold 

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