FTSE 100, CAC 40 rally, the latter to a record high, while S&P 500 muted ahead of key data
Outlook on FTSE 100, CAC 40 and S&P 500 ahead of Wednesday’s FOMC minutes and US March CPI releases.
FTSE 100 tries to break through its February-to-April downtrend line
The FTSE 100 is trying to break through the February-to-April downtrend line at 7,801 as risk-on sentiment prevails despite market participants awaiting the publication of last month’s FOMC minutes and key US inflation data.
The UK blue chip index looks to be on track for its sixth consecutive day of higher prices with the January high and late February low at 7,854 to 7,876 remaining in focus. This resistance zone may well cap, at least today, though.
Support below Wednesday’s intraday low at 7,776 can be found along the March-to-April uptrend line at 7,746 and also between the 4 April high at 7,728 and the 7,724 to 7,708 mid-January and early February lows.
Provided that the latter support zone holds, further upside remains in play.
CAC 40 trades in new all-time record highs
The CAC 40 has risen to a new all-time record high, made slightly above the 7,400 mark, despite key US inflation data being published later today.
The index remains in a bullish trend and is gunning for the psychological 7,500 mark whilst being supported by the March-to-April support line at 7,362 and Monday’s low at 7,293. While the latter holds on a daily chart closing basis, the immediate uptrend remains valid with further upside likely to be seen.
Support above these levels comes in between the 7,402 March peak and the minor psychological 7,400 level and early April high.
S&P 500 awaits US data releases
The S&P 500 has been trading in a very tight, low volume trading range since Tuesday while awaiting the FOMC minutes of the March meeting and the key Consumer Price Inflation (CPI) report which are likely to give investors a clearer picture of whether the Fed is going to hike its rates once more or whether it has already reached its pivot.
While this week’s low at 4,071 underpins on a daily chart closing basis, further upside is expected to take the index to above its 4,141 early April high towards the February peak at 4,195.
Minor resistance on the way up may be encountered at Tuesday’s 4,124 high.
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