Mixed picture for FTSE 100, DAX 40 and S&P 500 amid easing tariff concerns
Mixed picture for FTSE 100, DAX 40 and S&P 500 amid easing tariff concerns ahead of US/China talks.
FTSE 100 in recovery mode
The FTSE 100 is heading back up again amid hopes for a resolution regarding US tariffs.
Resistance above the 24 January high at 8587 lies at Friday's gap low at 8630.
A fall through Monday's low at 8509 would put the May 2024 peak at 8479 on the cards.
FTSE 100 daily chart
DAX 40 under pressure
The German DAX 40 index is range trading above Monday's low at 21,092 but below its remaining 21,562-to-21,596 gap.
Key support remains at the 21,080 late January low, a fall through and daily chart close below which could lead to a medium-term top being formed. In this case, the first downside target would be the mid-December high at 20,526.
Minor resistance sits at Tuesday's and the 24 January highs between 21,521 and 21,529 ahead of Friday's 21,596 low.
DAX 40 daily chart
S&P 500 short-term side-lined
The S&P 500 once more managed to close its gap with its previous Friday low, just like the week before, but now trades sideways below its Monday-to-Tuesday highs at 6042 whilst so far remaining above its 55-day simple moving average (SMA) at 5992.
Below it, Tuesday's low at 5962 may offer minor support. If not, the late January low and Monday's trough between 5916 and 5912 would be back in focus. Failure there may push the mid-November-to-January main support zone from 5772 to 5832 to the fore.
A rise above the recent 6042 high may put the 6099 December peak back on the map.
S&P 500 daily chart
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