FTSE 100 and Dax stumble while S&P 500 sits at highs
While US markets have kept climbing, the FTSE 100 has lagged far behind while the Dax is fighting to hold on to recent gains.
FTSE 100 slumps again
While US markets enjoyed a strong day yesterday, the FTSE 100 has stumbled once more. Yesterday’s rally above 6150 was firmly rebuffed, and while the price has attempted to bounce from around 6040 it will need to clear 6130 to break trendline resistance from last week’s peak at 6300. Below 6040 the price targets 6000 and 5800.
Dax clings on above 12,800
Dax was also knocked back yesterday, but it has held on to more of its recent gains than the FTSE 100. Indeed, it looks like it is in consolidation mode at 12,800, with dips towards this level finding buyers. Rallies above 13,100 have been short-lived, so a push above 13,050 would break through trendline resistance but also clear this stumbling block. A drop below 12,800 signals more near-term weakness is at hand.
S&P 500 pauses after reaching new peak
Yesterday’s price action took the S&P 500 back to, and briefly above, its previous record closing high in February. It has been a steady but relentless move so far this month, and so far we have no sign of a reversal; small dips on 14 August and in yesterday’s session quickly found buyers.
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