FTSE 100, DAX and Nikkei make further headway
US markets are closed for Labor Day, but European and Japanese stocks have made further gains.
FTSE 100
Each attempt to break above 7170 seems to run out of steam, but on the downside the buyers are for the moment able to hold the price above 7100.
The uptrend of recent months would suggest that the next move for the FTSE 100 will be higher, but for now this tight range continues to prevail.
DAX
Trendline resistance from the August peak continues to hold back progress for the DAX, as we saw on Friday, when once again an attempt to push higher ran out of steam.
The 15,730 level continues to provide a zone of support, so sellers will need to breach this to open the way to additional downside.
Nikkei
The resignation of PM Suga appears to have delivered the catalyst for a change in trend for the Nikkei.
After steadily declining since February, the index found support in August at 27,000 as it had done in May.
From here a bounce developed, which has carried the price to its highest level since April, in what looks like a change of trend that puts the upside case back in play.
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