FTSE 100, DAX 40 and S&P 500 await US PCE inflation print
Outlook on FTSE 100, DAX 40 and S&P 500 ahead of the Fed’s preferred PCE inflation reading.
FTSE 100 recovers from near one-month low
The FTSE 100 slid to a near-one month low at 8,138 on Thursday before recovering as real estate and telecom shares outperformed. Auto Trader shares rose by 12.9% in the UK as the company reported FY revenue and profits above expectations.
The 24 May low at 8,249 represents the first upside target, followed by the 28 May high at 8,345.
DAX 40 revisits tentative uptrend line
The DAX 40 is revisiting its April-to-May tentative uptrend line which so far underpins at 18,420 with Thursday’s low at 18,379. While this continues to be the case, the April high and mid-May low at 18,623 to 18,636 may be revisited.
Failure at 18,379 would put the 18,238 late April high on the cards.
Short-term downside pressure should remain in play while Tuesday’s high at 18,854 caps.
S&P 500 remains short-term under pressure
The S&P 500’s corrective move lower from last week’s record high at 5,343 has so far taken it to 5,220, below which lies the mid-May low at 5,194. If fallen through, the 8 May low at 5,164 may be reached next.
Minor resistance can be spotted at the 23 May low at 5,257.
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