FTSE 100 resumed its advance, as did DAX 40 and S&P 500 which near record highs
Outlook on FTSE 100, CAC 40 and S&P 500 ahead of Friday’s US Non-Farm Payrolls.
FTSE 100 gunning for Wednesday’s high
The FTSE 100’s dip to 7,600 as Bank of England (BoE) officials hinted at delayed interest rate cuts has been followed by a rise back towards Wednesday’s 7,690 high amid stronger-than-expected US earnings and general risk-on sentiment. A move above 7,690 and the 11 January high at 7,694 will have the mid-October high at 7,702 in its sights. Further up the July and September highs can be spotted at 7,723 to 7,747. Minor support can be found at last Friday’s 7,653 high and then at Tuesday’s 7,642 low. While this week’s low at 7,600 underpins, the medium-term uptrend remains intact.
DAX 40 nears record high
The DAX 40 index swiftly recovered from Thursday’s 16,782 low and is about to revisit its current record high at 17,020, boosted by better-than-expected earnings by Amazon and Meta Platforms which propelled US indices higher. Above 17,020 is no-man’s land with the 17,100 mark representing a possible upside target. This will remain in play while no bearish reversal to below Thursday’s low at 16,782 takes place. Support above that low sits at the early January 16,960 high and also at the 24 January 16,925 high.
S&P 500 trades back in record highs
The S&P 500’s short-term bearish reversal off Monday’s record high at 4,931 amid pushed back US Federal Reserve (Fed) rate cut expectations was short-lived. Strong US tech earnings led to a rapid advance from Wednesday’s 4,842 low to Thursday’s new record high at 4,941 above which beckons the psychological 5,000 mark. Good support is seen between Tuesday’s 4,899 low and the 4,903 late January high today ahead of the all-important US Non-Farm Payrolls.
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