FTSE 100, DAX 40 and S&P 500 steady after NVIDIA earnings
NVIDIA's earnings last night pushed the stock lower, but indices have held up relatively well, with the FTSE 100 and DAX 40 rising in early trading.
FTSE 100 reverses Wednesday’s losses
The FTSE 100 index has pushed higher in early trading, reversing course after Wednesday’s losses.
Gains since the end of July have been capped at the 8400 level, so a close above this opens the way to the record highs from May at 8500.
A close back below 8300 might signal that a new turn lower has begun.
DAX 40 makes gains
Despite finishing close to the lows yesterday, the DAX 40 index has managed to push higher in early trading this morning.
The May record high at 18,935 now looms, while a move above this takes the index to new record highs.
So far there has been so sign of any sustained weakness. The index would need a close below 18,500 at least to raise the possibility of a short-term pullback.
S&P 500 drops back below 5600
Gains have stalled over the past week, with the S&P 500 index struggling to push on above 5630 before slipping back below this level yesterday.
After the impressive bounce from the August lows such consolidation is not surprising. While it has created a lower high from the July record, for the moment losses are limited. A close below 5500 and the 50-day simple moving average (SMA) might signal that some more weakness is ahead.
Alternately, a rally back above 5630 would put the price back on course to test the July highs.
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