FTSE 100, DAX 40 and S&P 500 rally on US debt ceiling optimism
Outlook on FTSE 100, DAX 40 and S&P 500 amid a more positive outlook US debt ceiling negotiations.
FTSE 100 continues to range trade
The FTSE 100 tries to rise back to this week’s high at 7,806 amid ongoing optimism regarding negotiations over the US debt ceiling. For the bulls to be fully back in control, a rise and daily chart close above Tuesday’s high at 7,806 and also last week’s high at 7,817 needs to occur. If exceeded on a daily chart closing basis, the UK blue chip index may resume its ascent towards the 8,000 region. Slips should find support along the March-to-May support line at 7,730 with the early and mid-May lows at 7,689 to 7,679 offering further potential support. A little lower sits the 38.2% Fibonacci retracement of the March advance at 7,657. While this level underpins, the medium-term uptrend from the March low remains intact.
DAX 40 trades within a whisker of its 2021 all-time record high
The DAX 40 got a major boost by sentiment lifting on news that the US debt ceiling is expected to be raised before the end of next week. The German stock index thus trades within a whisker of its November 2021 all-time record high which was made close to the 16,300 mark which remains in focus. Support lies between the early to mid-May highs at 16,009 to 16,005.
S&P 500 trades in nine-month highs
With a resolution to the US debt ceiling looking probable, the S&P 500 has surged higher over the past couple of days. The index reached levels last traded in August of last year on Thursday and is gunning for the late August high at 4,215. Minor support, because of inverse polarity, can be spotted at previous resistance at 4,195 to 4,187. These levels correspond to the February and early May highs. Further minor support sits between the early April and 10 May highs at 4,158 to 4,141.
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