FTSE 100, DAX 40 on track for third straight day of gains as Russell 2000 rallies by over 3.5%
Outlook on FTSE 100, DAX 40 and Russell 2000 as it rallies on rotation out of technology stocks into small caps.
FTSE 100 tries to break through downtrend line
The FTSE 100 is on track for its third straight day of gains and is in the process of breaking through its May-to-July downtrend line at 8,259 with last week’s high at 8,287 representing the next upside target. Further up sits the 8,314 late June peak.
Potential slips should find support around Thursday’s 8,234 high.
DAX 40 on track for third straight day of gains
The DAX 40's advance is taking it towards its May-to-July downtrend line at 18,628, above which beckons last week’s high at 18,665.
Minor support can be found between the 1 July high at 18,466 and the 55-day simple moving average (SMA) at 18,428.
Russell 2000 nears April peak
The Russell 2000 rallied by over 3.5% following Thursday’s US softer-than-expected consumer price index (CPI) print as rotation out of highly overvalued technology stocks into small caps was taking place with the June peak at 2,145 about to be hit. Once bettered, the index will be trading at levels last seen in January 2022 with the next upside target representing the January 2022 peak at 2,291.
Potential slips may find support around the 2,123 May high.
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