DAX 40, S&P 500 trade close to record highs while FTSE 100 nears 8,000 mark
Outlook on FTSE 100, DAX 40 and S&P 500 amid FOMC and MPC member speeches.
FTSE 100 trades in one-year highs
The FTSE 100’s rally to its 7,962 one-year high on the back of the Bank of England’s (BoE) dovish stance amid a falling British pound last week is expected to continue with the psychological 8,000 mark representing the next upside target. A speech by the MPC's Katherine Mann, a known hawk, at 2:15pm might have some bearing on the FTSE 100 during the day. Minor support can be spotted at the early May high at 7,897. Far below it lies more significant support between the December-to-mid-March highs at 7,786 to 7,747.
DAX 40 consolidates below last week’s record high
The DAX 40 is short-term consolidating below last week’s new 18,258 record high, a rise above which would engage the minor psychological 18,500 mark. Support can be seen at Wednesday’s 18,185 high and Friday’s 18,133 low ahead of the more important February-to-March accelerated uptrend line at 18,052.
S&P 500 consolidates below last week’s record high
The S&P 500 is consolidating below last week’s record high, made at 5,261, a rise above which would put the 5,300 mark on the cards. A speech by FOMC member Bostic at 12:25pm might provide the necessary impetus for such a move higher or stall the advance. Minor support below the 5,200 mark can be spotted at the 5,165 early March high. Much further down the October to March uptrend line at 5,165 continues to offer support.
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