FTSE 100, DAX 40 and S&P 500 are taking a breather ahead of NVIDIA earnings
FTSE 100, DAX 40 and S&P 500 are taking a breather ahead of NVIDIA earnings on Wednesday and US PCE as well as European inflation reports out on Friday.
FTSE 100 bid after Bank holiday weekend
The FTSE 100 has resumed its advance and nears its mid-August high at 8,374. Further up lies the early August peak at 8,404 which also remains in sight.
Immediate upside pressure should be maintained while last week’s low at 8,240 holds. Below it meanders the 55-day simple moving average (SMA) at 8,224.
DAX 40 grapples with resistance line
The DAX 40's strong rally from its early August low at 17,021 has taken it above the late July high of 18,580 to the May-to-August resistance line at 18,674. Further up lie the June-to-July peaks at 18,786-to-18,782.
Potential slips should find initial support around the 20 August high at 18,498.
S&P 500 side-lined 1% below July record high
The S&P 500's rally from the 5 August low at 5,091, last week ending just shy of a 20-year winning streak, has reached 5,650 as of Monday and thus trades within a percent of its all-time high at 5,669, made in July.
While last week’s low at 5,562 holds, the immediate uptrend remains intact.
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