UK FTSE fallls back below the 200 day MA
The UK FTSE 250 has moved to new session lows and trades at the lowest level since August 29. In the process, the index has dipped back below its 200 day moving average which currently comes in at 19237.25. Stay below that moving average will keep the bears in control.
There are times when a weaker GBP helps to support the stocks. Not today.
The GBP is the weakest of the major currencies today. The GBPUSD is currently dipping below the 1.22000 level and is testing the 61.8% retracement of the move up from the September load to the September high at 1.21959.
US stocks are not doing so well either. The S&P index is now down -36.79 points at 2901.92. It also gapped below its 100 day moving average at 2928.32. Staying below keeps the sellers in control. The 200 day moving average is down at 2845.60 and would be the next key target off the daily chart.
The NASDAQ index is also running away from its 100 day moving average up at 7966.78. Last week the index tested the 200 day moving average, falling below the level for brief moment before bouncing to the upside. The 200 day moving average currently comes in at 7732.943