Nasdaq 100, S&P 500 see strong recovery rallies but FTSE 100 stays range bound
Nasdaq 100, S&P 500 see strong recovery rallies but FTSE 100 stays range bound as probability of 50 bps Fed rate cut increases.
Nasdaq 100 ends week on a high
This week the Nasdaq 100 rallied by nearly 6%, regaining most of its 22 August-to-September losses. It is getting ever closer to its July-to-September downtrend line at 19,495 which may cap, together with the 19,631 late August high. If overcome, the August peak at 19,938 will be back in focus.
Potential slips may find support around the late August 19,081 low.
S&P 500 continues its advance
The S&P 500 recovers swiftly from last week's sharp drop to 5,385 with the index heading back up towards its 5,655-to-5,669 July and early September highs.
Minor support can be found around the 5,545 late August low and the 55-day moving average (SMA) at 5,515.
FTSE 100 in the doldrums
The FTSE 100 continues to oscillate around the 55 day SMA at 8,239, having come off Thursday's 8,306 high. Further range trading seems to be at hand.
Minor support can be spotted at Wednesday’s 8,169 low and major support at its early September 8,153 low.
Only a rise above Thursday's 8,306 and the late June 8,314 highs could put the 8,374 mid-August peak back on the cards.
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