FTSE 100, DAX 40 and Nasdaq 100 look bid as risk-on sentiment carries on after Easter
Outlook on FTSE 100, DAX 40 and Nasdaq 100 ahead of Wednesday’s FOMC minutes and US March inflation report.
FTSE 100 nears February-to-April downtrend line
The FTSE 100 continues where it left off before the prolonged Easter weekend, by rising towards the February-to-April downtrend line at 7,814 as risk-on sentiment prevails following a strong session in the US on Monday which pushed most Asian equity indices higher overnight.
Above 7,814 resistance can be spotted between the January high and the late February low at 7,854 to 7,876.
Support below Monday’s intraday low at 7,769 can be found between the 4 April high at 7,728 and the 7,724 to 7,708 mid-January and early February lows.
Provided that this support area holds, further upside looks to be in store for the weeks ahead.
DAX 40 approaches its 1 ¼ year high
The DAX 40 is approaching levels last traded in January 2022 with the early April peak at 15,742 now within reach as risk-on sentiment continues to propel the index higher.
A rise and daily chart close above 15,742 would put the November 2021 and January 2022 highs at 16,288 and 16,298 on the cards. Minor support can be spotted at the 15,656 early February high.
While last week’s low at 15,481 isn’t being slipped through, the March-to-April uptrend remains intact.
Nasdaq 100 recovers from Monday’s 12,857 low
On Tuesday the Nasdaq 100 is expected to recover further from Monday’s 12,857 low which occurred following Friday’s strong US labour market data which points to further Fed tightening.
Were the index to rise and close on a daily chart closing basis above Monday’s 13,075 Hammer formation daily candlestick high, the early April high at 13,226 would be back in the picture ahead of Wednesday’s FOMC minutes, March US inflation data and earning’s season kicking off on Friday with the likes of JPMorgan and Citigroup.
The 13,226 level was last traded in August 2022, a rise above which would engage the 13,500 region. Minor support can be seen at the 22 March high at 12,947 and along the March-to-April uptrend line at 12,926.
While Monday’s trough at 12,857 holds, the recent one-month uptrend remains in play.
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