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FTSE 100 Under Pressure, Tests the 50-day MA

FTSE 100
FTSE 100

FTSE 100 trading 1.05% lower at 7,214.67 as trade and political risks weighs on investors sentiment. Nancy Pelosi formally initiated impeachment proceedings against President Trump weigh on investors sentiment. On Brexit front, MPs were set to reconvene after the Supreme Court ruled PM Boris Johnson’s decision to prorogue parliament was unlawful, with many opponents now asking for his resignation.

On the technical side FTSE 100 today tests the 50-day moving average at 7,223 as the bears trying to take control. On the downside, immediate support stands at 7,213 today’s low, while a break below will open the way for a test of 7,100 the low from August 29th. More bids will emerge at 7,055 lows from August that the index rebounded twice.  On the upside the index facing the resistance at 7,292 daily high and then at 7,404 the high from August 5th, a close above could open the way for a move up to 7,700 high, from end of July.

European indices also feeling the pressure today, the DAX 30 gives up 1.13% to 12,167 while the CAC 40 in Paris trading  1.52% lower at 5,542, In Milan, the FTSE MIB is 1.67% lower at 21,543.

In Wall Street, the Dow Jones futures trading 0.11% lower at 26,789, the S&P 500 futures are 0.17% lower at 2,965 while the Nasdaq futures are 0.29% lower at 7,712 signalling a negative start for equities in the other side of the Atlantic.