DAX 40 makes yet another record high, FTSE 100 nears 8,000 mark while S&P 500 slips
Outlook on FTSE 100, DAX 40 and S&P 500 ahead of Friday’s Fed PCE inflation reading.
FTSE 100 approaches 8,000 mark
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 has resumed after a couple of days of sideways trading. The psychological 8,000 mark is still being eyed while a recent daily chart low at 7,890 underpins. Far below it lies more significant support between the December-to-mid-March highs at 7,786 to 7,747.
DAX 40 hits yet another record high
The DAX 40 is on track for its fourth consecutive day of gains while trading in record highs and approaching the minor psychological 18,500 mark. Support can be seen at Monday’s 18,287 high and Tuesday’s 18,255 low. Further down sit the more important February-to-March accelerated uptrend line at 18,142 and Friday’s 18,133 low.
S&P 500 on track for fifth straight day of losses
The S&P 500 continues to grind lower from 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 Waller at 10:00pm might provide volatility in overnight trading. Minor support below Tuesday’s 5,205 low can be found at the 5,165 early March high. Further down the October to March uptrend line at 5,185 could also offer support.
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