FTSE 100 hits yet another record high while DAX 40 and S&P 500 continue their ascents
Outlook on FTSE 100, DAX 40 and S&P 500 ahead of FOMC and non-farm payrolls.
FTSE 100 hits yet another record high
Foreign investors continue to pile into the undervalued UK blue chip index with the FTSE 100 trading at yet another record high close to the 8,200 mark. Further up lies the 8,300 mark which is where the 161.8% Fibonacci extension of the March-to-June 2020 advance, projected higher from the October 2020 low, can be found.
Support below the accelerated uptrend line at 8,148 sits between the early-to-mid-April highs and Wednesday’s low at 8,046 to 8,003.
DAX 40 recovers further from Thursday’s low
The DAX 40’s recovery from last week’s low on better-than-expected US technology earnings has taken it back to last week’s high at 18,238 which short-term caps. This resistance level is expected to soon give way, though, with the 18,500 region remaining in focus.
Potential slips should find support between the mid-March high and the tentative April uptrend line at 8,044 to 17,994.
S&P 500 has resumed its ascent
Last week the S&P 500 saw its strongest weekly gains since November 2023 amid stronger-than-expected US earnings with it reaching the 55-day simple moving average (SMA) at 5,116 which acted as short-term resistance on Friday. On Monday morning it is once again in the limelight, a rise above which would put the April downtrend line at 5,161 on the map.
Good support comes in around last week’s Tuesday and Wednesday’s highs at 5,092 ahead of Friday’s 5,073 low.
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