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FTSE 100, CAC 40 and S&P 500 rally as Trump backtracks
FTSE 100, CAC 40 and S&P 500 rally as US President Trump backtracks in regards to planning to fire US Fed Chair Jerome Powell and US-China tariffs.
FTSE 100 probes resistance
The FTSE 100's continues to grind higher and is now trading back above its 200-day simple moving average (SMA) at 8,345 whilst probing its 8,464 mid-March low. This currently acts as resistance ahead of the 55-day SMA at 8,551.
The 200-day SMA at 8,345 and 17 April high at 8,328 are expected to offer at least short-term support.
CAC 40 tries to break through downtrend line
The French CAC 40 index's steady advance is taking it through its March-to-April resistance line at 7,410 towards the 9 April high at 7,510. Together with the 200-day SMA at 7,577 these levels may cap the upside, though.
Minor support can be found between last week's Monday-to-Thursday highs at 7,345-to-7,307.
S&P 500 bounces back
The S&P 500 rallied following US President Trump's more conciliatory tone regarding China and his backtracking concerning comments made with wanting to replace Federal Reserve (Fed) Chair Jerome Powell.
The index is trying to overcome Tuesday's high at 5,396, in which case the 5,463-to-5,493 -to-15 April highs would be on the plate ahead of the 5,504 mid-March low.
Minor support below the 17 April high at 5,341 can be spotted between the 7-to-8 April highs at 5,269-to-5,249.
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