FTSE 100, DAX 40 and S&P 500 advances take a breather
FTSE 100, DAX 40 and S&P 500 advances pause following last week’s strong gains.
FTSE 100 mixed
Following eight straight days of gains for the FTSE 100, as interest rate cut expectations on both sides of the Atlantic remain firmly in play, Friday saw some end-of-week profit taking. Monday morning sees quiet trading amid a near empty economic calendar.
Resistance is seen at last week’s 8,369 high, above which beckon the late July and early August high at 8,404.
The 8,278 mid-July high offers minor support ahead of the 55-day simple moving average (SMA) at 8,215.
DAX 40 remains bid
The DAX 40's swift recovery from last week's 17,021 low has taken it close to the July-to-August resistance line at 18,372 which may cap the advance on Monday. If not, the late July high at 18,580 would be next in line.
Minor support can be seen along the 55-day SMA at 18,247 ahead of the 9 July low at 18,211.
S&P 500 sees strongest week since November 2023
The S&P 500's steep rally from its 5 August low at 5,091 has taken it all the way back to its early August high at 5,564 around which it may short-term pause. If not, the July peak at 5,669 will be next in line.
The 55-day SMA and breached July-to-August downtrend line and at 5,467-to-5,462 may act as support, were they to be revisited.
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