FTSE 100 and DAX still falling but S&P 500 rises after strong earnings
European markets are struggling to move higher, but strong earnings from big tech stocks have given the S&P 500 a lift.
FTSE 100 still under pressure
The FTSE 100 has yet to see much of a rebound, and continues to push lower, although yesterday’s dip below 6000 was bought.
If the price can move back above 6050 then another challenge of 6150 may develop, and gains above this level would help to revive a more bullish view. A renewed push below 6000 restores the advantage to the bears.
DAX bounces from 12,300
Thursday saw heavy losses for the DAX, which was pushed to its lowest level since the beginning of the month. However, for now, it has held 12,300, bouncing twice from this level.
Further gains above 12,550 will target trendline resistance from the late-July peak above 13,300, and a more bullish view will need to see the price clear 12,900 to both move above this trendline and above Wednesday’s lower high.
S&P 500 rallies after touching 3200
Tech earnings last night provided the catalyst for the S&P 500 to bounce once again from around 3200.
Having seen a progression of higher highs over the past week, we look for the index to push on above 3280 and resume the broader uptrend. Sellers will need to drive the price back to 3200, and then push it below this level, to open the way to further downside.
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