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Levels to watch: FTSE 100, DAX and Nasdaq 100

Nothing seems able to dislodge the indices, which have either made new record highs or remain close to them.

Chris Beauchamp ChrisB_IG
Chief Market Analyst, London

Publication date : 2017-10-11T09:19:36+0100

Nasdaq 100

Source: Bloomberg

FTSE 100 stalls at recent high

Yesterday saw the FTSE 100 push to the 7553 level, the high from early August, and then briefly move above it. However, so far this morning the price is falling back.

As noted previously, above 7553 the last remaining resistance is 7600, the all-time high from June. Monday’s low of 7484 is the first area to look for possible support, and then down to 7450.

FTSE 100 chart

FTSE 100 chart

FTSE 100 chart

DAX refuses to budge

The drift just below 13,000 continues here for the DAX, with euro weakness hampering any sustained upside for the index, and for European stocks more generally. A dip yesterday to 12,900 found buyers, and then below this, 12,881 comes into play.

A daily close above 13,000 would likely prompt more bullish momentum, which has hitherto been kept in check.

DAX chart

DAX chart

DAX chart

Nasdaq 100 maintains its ascent

The Nasdaq 100 has slightly lagged behind its peers, the Dow Jones and the S&P 500, but like them, it remains near record highs. The near-term support is 6017, the previous record high, while below this the 50-day simple moving average (SMA) at 5931 comes into play.

Meanwhile, the 100-day SMA (currently 5861) has proven its worth four times since June as a place for buyers to enter and maintain the uptrend. Yesterday’s high of 6084 is the only resistance to a fresh move higher.

Nasdaq 100 chart

Nasdaq 100 chart

Nasdaq 100 chart

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