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