FTSE 100 stalls, while DAX looks to rally and S&P 500 hits new records
While the S&P 500 looks to begin the week with new highs, the DAX is still stuck in its tight range. Meanwhile, the FTSE 100 is still unable to rally.
FTSE 100 remains under pressure
The FTSE 100 has been unable to break the pattern of lower intraday highs seen over the past week and a half, but dips to 7250 have found buyers, providing a firm foundation of support.
The price has to break 7340 and start to create some intraday higher highs. This would then indicate that 7250 was a higher low on the daily chart, and would open the way to 7440 and key resistance from September and early November.
DAX looking to break out of consolidation
The DAX has spent the past two weeks in a relatively tight range, unable to break through 13,300 but supported in the 13,150 to 13,160 area.
If this marks a correction in time rather than price a fresh push higher may be in the offing, although we will need to see a rally through 13,300 to confirm this. Meanwhile, a push below 13,150 would open the way to possible support at 12,954 and then down to 12,800 and then the 50-day simple moving average (SMA) at 12,636.
S&P 500 edges to new records
So far there is no sign of the S&P 500 rally giving way to a pullback.
Even small intraday dips have provided buying opportunities – a drop towards the 20-day SMA would only take the price back towards 3065. Alternately, short-term support from the 6 November low would see possible support around 3090 develop.
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