FTSE 100, DAX 40 and DOW boosted by better-than-expected Q1 earnings into month end

FTSE 100 on track for its first weekly loss since March

The FTSE 100 is trying to recover from this week’s low at 7,811 amid mixed Q1 earnings results but needs to not only overcome Thursday’s high at 7,880 but also Monday's open at 7,905 in order to avoid its first weekly loss after five consecutive weeks of gains.

If so, the 7,900 region could once more be revisited, above which sits the current April high at 7,938.

A currently unexpected drop through this week’s low at 7,811 may lead to a further decline taking the blue-chip index to its breached February-to-March downtrend line, now because of inverse polarity, support line, at 7,725 over the coming days and weeks.

A rise and daily chart close above the recent April high at 7,938 would push the early March high at 7,976 as well as the psychological 8,000 mark to the fore.

DAX 40 boosted by better-than-expected big tech results

The Germany 40 has been buoyed by rallying US markets due to better-than-expected results by big tech firms such as Meta Platforms Inc (All Sessions) leading to a strong close into month end.

Despite this boost, the DAX 40 needs to rise above Monday’s open at 15,889 and ideally Thursday’s 15,907 high in order to avoid its first weekly negative close following five straight weeks of gains amid European flash Gross Domestic Product (GDP) and Consumer Price Inflation (CPI) data releases.

Resistance continues to sit at last week’s highs at 15,915 to 15,923. Above this area lurks the psychological 16,000 mark and sit the November 2021 and January 2022 peaks at 16,288 to 16,298.

Support below Tuesday’s low at 15,785 can be found at the 15,742 early April high. Further down sit the 15,709 March high and this week’s low at 15,694. While it underpins, medium-term upside pressure should prevail.

Dow rallies on strong US Q1 earnings results

The Wall Street (Dow) rallied by over 1.5% on Thursday and is approaching this week’s high at 33,894 on stronger-than-expected corporate earnings which boosted investor sentiment.

Strong resistance above this week’s high at 33,894 is seen at the 34,105 to 34,133 mid-April highs.

Slips should find support around Wednesday’s high at 33,644 which sits above the 33,577 early March high, another potential support level.

While this week’s low at 33,233 underpins on a daily chart closing basis, the March-to-April medium-term uptrend remains intact.