FTSE 100 hovers above one-month low while NASDAQ 100, S&P 500 regain lost ground
FTSE 100 hovers above one-month low while NASDAQ 100, S&P 500 regain lost ground ahead of Thursday’s US CPI print.
FTSE 100 dips to one-month low
On Tuesday the FTSE 100 revisited the lower boundary of its September-to-October sideways trading range by dropping to a one-month low at 8,183 before stabilising. If fallen through, the September trough at 8,153 would be next in line.
Minor resistance above the early October low at 8,224 and Friday’s low at 8,233 can be seen along the 55-day simple moving average (SMA) at 8,265.
NASDAQ 100 recovery nears September peak
The NASDAQ 100's rise from its early October 19,611 low has so far taken it to 20,135, to not far below its September peak at 20,316, ahead of Thursday’s US consumer price index (CPI) print. Were the 20,316 high to be exceeded, the July all-time high at 20,760 would be back in the picture.
For the bears to be short-term back in the driving seat, a fall through Monday’s low at 19,714 would need to occur. Only then would the 19,611 early October low be back in the frame.
S&P 500 awaits US CPI data
The S&P 500 continues to sideways trade below its September record high at 5,773 but above its early October low at 5,674, the break out of which will likely determine the ensuing trend. A rise above 5,773 would engage the 6,000 mark whereas a fall through 5.674 would likely lead to the July and September highs at 5,669-to-5,655 as well as the August-to-October uptrend line at 5,639 to be reached.
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