FTSE 100, DAX 40 and NASDAQ 100 begin week on a cautious note
FTSE 100, DAX 40 and NASDAQ 100 begin week on a cautious note amid high US yields.
FTSE 100 under pressure
Despite Asian stock markets mainly ending the day in positive territory, the FTSE 100 began the week on a slightly cautious note amid a quiet day on the data front.
The minor recovery from last week’s 7,995 low seems to have at least short-term faltered at Friday’s 8,094 high. While this remains the case, the psychological 8,000 mark may be revisited.
Failure at last week’s 7,995 low would put the August trough at 7,914 on the cards.
Minor resistance above Friday’s 8,094 high can be seen along the 200-day simple moving average (SMA) at 8,130.
DAX 40 on track for third day of gains
The German DAX 40 contract is gingerly heading higher, having last week bounced off its key 19,048-to-18,835 late September-to-November support zone. While it underpins, further range trading with a short-term bullish bias remains in play.
On the hourly chart a potential bullish triangle can be made out but for it to be confirmed, a rise above Thursday’s high at 19,308 would need to be seen. In this case the October-to-November downtrend line at 19,495 may be revisited.
NASDAQ 100 tries to regain some of last week’s losses
The NASDAQ 100 dropped last week as US Treasury yields rallied and investors became worried about heavy tariffs being imposed on the US’s trading partners under a Trump administration.
The NASDAQ 100 nonetheless remains above its August-to-November uptrend line at 20,300, having last week dipped to 20,306, and may early this week regain some of last week’s losses by retesting the late October high at 20,652. If bettered, the 21,000 region would once again be in focus.
Were the medium-term uptrend line at 20,300 to be fallen through, though, the area between the August high and the October-to-November lows at 19,938-to-19,611 could be reached instead.
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