Rising geopolitical tensions and more strong US economic data have driven a slump in stock markets, marking the first real pullback since the latest rally began back in late October.
A slightly more modest pullback has taken place here, and so far the index remains above 5000.In the event of a larger pullback, the price will head towards the 100-day simple moving average , and then to the previous high at 4806, from 2021.
Buyers have been unable to mount any kind of response to the selling of the previous two sessions, but a recovery above the 50-day SMA might signal that a low is in place. A further run of losses has taken the index back to a one-month low.A close below this level would open the way to 37,000, the high from early January, with the 100-day SMA coming into play before this.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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