FTSE 100, Nasdaq 100 and S&P 500 give back some of Tuesday’s gains
FTSE 100, Nasdaq 100 and S&P 500 give back some of Tuesday’s gains despite China stimulus boost.
FTSE 100 come off Tuesday’s 8315 high
The FTSE 100 slipped back below its 55-day simple moving average (SMA) at 8251 towards Friday’s 8,196 low. A drop through 8,196 low would put the early September low at 8153 on the map.
Minor resistance can be spotted between the 20 August 8240 low and Tuesday’s 8251 high. Above this resistance area lies last week’s high at 8372.
Nasdaq 100 side-lined below the 20,000 mark
The Nasdaq 100 range trades in relatively low volatility below its August and last week’s highs at 19,938-19,993, a rise above which would put the psychological 20,000 mark on the cards. Further minor resistance can be seen around the 12 July low at 20,130.
Support below Monday’s 19,720 low sits at Thursday’s 19,605 low and its 13 September 19,557 high. Only a fall through the 16 September low at 19,288 would change the current still short-term bullish outlook.
S&P 500 comes off its all-time high
The S&P 500’s advance is levelling off, even though the index remains at record highs. Were this week’s new all-time high at 5738 to be exceeded, the 5750 mark and possibly the 5800 level may be reached next.
Support sits within the 5669-5655 late July and early September highs.
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