FTSE 100 bounces back while DAX 40, S&P 500 trade close to record highs
FTSE 100 bounces back while DAX 40, S&P 500 trade close to their record highs as upside momentum is slowing.
FTSE 100 rises again
The FTSE 100 is heading back up towards its six-week high at 8389 and should keep it in its sights as long as Friday’s low at 8290 underpins on a daily chart closing basis.
Above the current December peak at 8389 lie the 8397 October high as well as the early and late August highs at 8404 to 8419. If overcome, the 8500 mark would be eyed.
Minor support remains to be seen between the late October and late November highs at 8326 to 8319. While last week’s low at 8290 underpins, the short-term uptrend remains intact.
FTSE 100 daily chart
DAX 40 on track for seventh daily gain in a row
The German DAX 40's rally has taken it to a new record high on Monday morning at 20,476, close to the psychological 20,500 mark. Below it the index is expected to now range trade with a loss of upward momentum.
Minor support can now be found around Wednesday’s 20,264 high and Thursday’s 20,197 low. More significant support can be seen around the psychological 20,000 mark ahead of the October peak at 19,683.
DAX 40 daily chart
S&P 500 range trades below last week’s record high
The S&P 500 continues to make new record highs and has so far risen to 6099 on Friday. Further range trading around the 6100 mark is expected to occur in the course of the week.
Above last week’s high at 6099 lies the July to December resistance line at 6122 whereas support can be seen at the 6026 November peak.
S&P 500 daily chart
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