Equities Plunging Ahead of Christmas As Recession Fears Weigh Global equities benchmarks are trading with a heavy tone today as risk markets remain under pressure across early European trading on Tuesday. The driver appears to be the renewed focus being put on global recession risks on the back of last week’s slew of central bank tightening and the shocking miss in US retail sales. The pre-holiday season is typically a time of high demand across both the retail, hospitality and travel sectors. However, On the back of many US firms warning of weaker outlooks for the Q4 period, November’s dismal US retail reading has been taken as evidence of much weaker performance.These fears are echoed in the UK where a recent spate of industrial action as well as a fresh surge in covid cases and a surprise cold-snap have hampered pre-Christmas trading across many sectors. On the back of the BOE’s warning that the UK is staring down the barrel of a length recession across next year, equities sentiment is understandably strained currently.News of surging covid cases in China is also dampening risk sentiment this week. While traders have recently been looking ahead to a potential Q1 or sooner reopening of the economy, a surging death toll and infection rate is adding to uncertainty this week with traders fearing a U-turn on the recent easing of some covid restrictions by the Chinese government.Technical ViewsDAXThe latest failure at the test of the 14703.98 level has seen the market reversing lower, breaking back under 14170.79. The big test now will be the 13672.31 level. If price can hold here, the focus will remain on a further push higher. However, a break here opens the way for much deeper levels near-term.S&P 500The failure at 4153.50 has seen the market reversing lower and trading back below the 3910 level. With momentum studies bearish, the focus is on a continued push lower with the 3647 level the deeper support to monitor.FTSEThe failure at 7575.8 has seen the market turning lower and breaking back under the 7362.8 level. With momentum studies bearish, the focus is on further downside while the market holds below that level with 7213.9 the next support zone to note.NikkeiThe failure at the 28356.6 level has seen market breaking sharply lower, trading back under the 27422.9 level and down through the rising trend line. Price is currently holding on support at the 26246 level and looks vulnerable to a deeper push towards 25500.5 next.