FTSE 100 and DAX leave S&P 500 behind for once
European equities managed to outperform the US last week, as the S&P 500 fell victim to the usual weak September seasonality.
FTSE 100 sits at two-month high
Last week saw weaker sterling help the FTSE 100 power through the 7380 high that marked the peak throughout September. Further gains then carried the index to its highest level since the beginning of August. Any additional gains will look to target 7480 and then 7560.
A move below 7350 would signal a reversal of this more bullish outlook.
DAX looks to continue gains
It was a week of two halves, as the DAX dropped in the first half before rallying from a Tuesday low. However, since then, gains have stalled at 12,400, so if this remains in place a lower low has been established.
A push below 12,300 would renew the bearish move seen at the beginning of last week, and target 12,180 and below in the short-term. A rally back above 12,400 brings 12,480 into view, and then a push on to 12,600.
S&P 500 drifts lower
The S&P 500 drifted lower last week, although dips towards 2960 found buyers. However, rebounds such as we saw on Wednesday and Thursday petered out around 2990.
A fresh move lower would see 2960 tested once again, and if this breaks then Friday’s low at 2945 comes into play. Below this, the index could push towards the 100-day SMA at 2922.
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