FTSE 100 Experiences Continued Decline
The FTSE 100 extended its bearish trend on Thursday, experiencing its largest drop this year due to weaker-than-expected flash PMI data for May, particularly in the services sector. On Friday, the index faced further pressure as UK retail sales fell by 2.7% YoY in April, against an anticipated -0.2% decline.
A potential downside target is the late April high at 8,200, with no rise expected above Thursday’s high at 8,385.
![](https://www.asiaforexmentor.com/wp-content/uploads/2024/05/27-05-24-FTSE-Daily-Chart-800x450.png)
DAX 40 Breaks Through Uptrend Line
The DAX 40 is heading for its third consecutive day of losses, having broken through its April-to-May uptrend line.
Minor support is located at the 4 April 18,429 high, followed by the 24 to 29 April highs at 18,240 to 18,238.
Resistance is seen along the breached uptrend line at 18,666.
![](https://www.asiaforexmentor.com/wp-content/uploads/2024/05/27-05-24-FTSE-Dax-Daily-Chart-800x450.png)
S&P 500 Drops Significantly from Record High
The S&P 500 sharply declined from Thursday’s record high at 5,343, dropping over a percent as strong US flash PMI data heightened expectations that interest rates will remain high for an extended period, causing investors to avoid risky assets.
A fall below Thursday’s low at 5,257 would highlight the 10 May high at 5,239, beneath which lies the mid-May low at 5,194. Breaching this level could indicate the formation of a medium-term top.
Minor resistance above Wednesday’s low at 5,286 is noted at last week’s high of 5,319.
![](https://www.asiaforexmentor.com/wp-content/uploads/2024/05/27-05-24-SP-500-Daily-Chart-800x450.png)