FTSE 100 drops back and Nikkei 225 comes under pressure, but S&P 500 still near highs
While the S&P 500 is still near its recent highs, the FTSE 100 and Nikkei 225 have both come under pressure.
FTSE 100 breakout fails again
The FTSE 100 index has stalled once more, as an apparent break to the upside hits a wall of selling.
After surging last week towards 8400, the price has fallen back into the range of the past two months. Now we wait to see if the sellers can drive it back towards support around 8180. For the moment, the 8180 – 8400 range remains intact.
S&P 500 drifts lower
The S&P 500 index wobbled around the highs yesterday but avoided a significant drop.
In the event of a pullback, the previous high at 5773 might provide support, followed up by the July high at 5669. Early September was the last notable downward move, and with the election now in sight some weakness here would not be surprising.
Nikkei 225 drops back on election jitters
After reaching 40,000 last week the Nikkei 225 index has stalled and is now testing the 200-day simple moving average (SMA), ahead of a general election in Japan on Sunday.
Trendline support from the August lows comes into play around 38,300, and if this holds another bounce may materialise. Renewed gains target 40,000, and then eventually on to the July record highs.
A close below trendline support might put the late September low around 37,220 into view.
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