FTSE 100, DAX and S&P 500 all stay positive ahead of Powell speech
Steady gains have been seen overnight in indices, although some caution is understandable ahead of Jerome Powell’s speech today in Jackson Hole.
FTSE 100 recovers from Thursday drop
The FTSE 100’s weakness yesterday resolved into a push higher from the latter part of the day, as the index created a higher low at 7100.
Further upside in the near term still requires a move above 7240 and then 7300, which have both constrained gains over the past two weeks. A close below 7100 negates the more bullish view and opens the way to 7060 and the lows of early August.
DAX stuck below 11,800
The DAX’s attempt to break through 11,800 yesterday failed, but the index is moving back to this level in early trading.
Above 11,900, the index will have cleared the resistance level, and would push on to 12,032 and then 12,165. A close below 11,700 negates the bullish view and targets recent support at 11,600 and 11,300.
S&P 500 tries to break 2940 again
The S&P 500 gains have stalled, with 2940 acting as resistance.
A break through 2940 would target 3020 and the late July peak. Support in any pullback is possible around 2905, 2890 and then 2820.
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