Fear Drives Markets Lower
Fiona Cincotta April 1, 2020 7:56 AM
FTSE slips as manufacturing across the globe drops & Trump reveals horrifying numbers

European stocks have opened lower in early trade on Wednesday as fear drives the markets. President Trump’s prediction that between 100,000 – 240,000 Americans could lose their lives, is truly horrifying and this is being reflected in the sell off today. In the UK a 27% rise in daily deaths, even as measures are being taken to slow the spread is adding to the risk off sentiment
Levels to watch
The FTSE has slumped 2.1% lower on the open at 5408. On the 4 hour chart it is testing its 50 & 100 sma at 5420. A breakthrough this level could see more bears jump in.
Immediate support can be seen at 5416/20 (today’s low, 50 & 100 sma), prior to 5440 (low 29th March) and 5115 (low 24th March).
Resistance can be seen at 5884 (today’s high) and 5707 (high 31st March) and 5831 (high 26th March)
GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.
No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.
For further details see our full non-independent research disclaimer and quarterly summary.