FTSE 100 and Nasdaq 100 push higher but Dax struggles
Some signs of strength have been seen in indices this morning, after a mixed week so far.
FTSE 100 makes early gains
The index has made headway in early trading, recouping some of Wednesday’s losses.
However, for them moment, a lower high is still in play, though this would be negated with a move back above 7940. From there the index could still push on towards 8000 and 8040.
Further declines target the 50-day simple moving average (SMA), and then on to the 100-day SMA.
Dax retracement continues
Modest declines over the past week have nonetheless left the index close to its April high and above the March high.
A close below 15,60 might well transform the outlook and result in a push back towards the 50-day SMA, and even down towards the 100-day SMA, wiping out most of the gains made since mid-March.
Alternately, a recovery leaves the index on course to challenge 16,000 and higher once again, and would mark a complete recovery from the 2022 drawdown.
Nasdaq 100 pushes higher after good earnings
After good earnings from Microsoft Corp (All Sessions), Alphabet Inc - C (All Sessions) and Meta Platforms Inc (All Sessions) so far this week, the index has been able to recover from Tuesday’s lows.
After a pullback of 3.8% from the April to this week’s low, the price has started to stabilise, though the run of intraday lower highs over the past two weeks is still intact at present. A move above 13,000 would break this run and suggest a move back to the April high at 13,200 is in the offing once more.
The uptrend from December is intact, and it would need a move below 12,400 call this view into question.
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