FTSE 100 bounce slows, while S&P 500 pushes higher and Nikkei 225 drops back
The FTSE 100 and Nikkei 225 have struggled to maintain Monday’s gains, but the S&P 500 appears to be in stronger form.
FTSE 100 struggles to push higher
The FTSE 100 index rallied yesterday but has seen momentum fizzle out in early trading on Tuesday.
While it has been unable to mount a sustained rally, the price has held above 8100 since May, providing a firm area of support. A close below 8100 would likely see swift downside, heading to 8044 and then down to 7976.
S&P 500 rebounds after run of losses
Monday saw the S&P 500 index rally after three days of losses last week.
The rebound from 5500 would now target last week’s highs, should we see further gains. From there it would be just a short move to new record highs. A close below 5500 signals more short-term weakness is likely.
Nikkei 225 reverses course
The Nikkei 225 rally on Monday seemed to point towards renewed upside, but that has been delayed for the time being.
The index headed lower overnight, though for now it has avoided a close below the 50-day simple moving average (SMA). Bulls still need a close back above 40,000 to indicate a low may be in, while sellers will look to a close below the 50-day to suggest additional near-term downside.
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