FTSE 100, DAX and S&P 500 all struggle to find upward momentum
Indices are trading cautiously ahead of tonight’s Fed decision.
FTSE 100 still in tight range
The FTSE 100 continues to edge back from 7350, but dips towards 7275 have continued to find buyers; a lower high may be in place, which would be confirmed by daily moving average convergence divergence (MACD) and stochastics rolling over.
A move above 7350 would open the way to 7450 and then towards 7560. If 7275 continues to hold then the index may be able to break out of its current short-term range.
DAX drifts lower again
Upward momentum continues to wane for the DAX, with a possible retracement towards 12,600 underway.
Tuesday’s lows around 12,897 are likely to be tested, with intraday rallies since Monday unable to hold their ground. A rebound above 13,000 revives the more bullish view.
S&P 500 faces up to Fed volatility
Federal Open Market Committee (FOMC) day has arrived, with equities struggling to make headway. The S&P 500 has retreated from the high earlier in the week, with a possible retracement in the wake of tonight’s decision likely to bring 3011 and the 200-hour simple moving average (SMA) into play, or down towards the previous higher low at 2980.
A move back above 3048 carves out a new higher high and revives the current bounce.
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