FTSE 100, DAX 40 and S&P 500 await US mid-term election results and CPI
Outlook on FTSE 100, DAX 40 and S&P 500 ahead of US mid-term election results and CPI data.
FTSE 100 tries to regain recent losses
The FTSE 100 began the week by giving back some of its previous week’s strong gains as Chinese government officials re-iterated that the country would stick to its zero-Covid-19 policy over the weekend.
The FTSE 100 thus slipped to 7,243 on Tuesday before recovering towards the 200-day simple moving average (SMA) at 7,329 while awaiting the results of the US mid-term elections.
If overcome, the August-to-November downtrend line at 7,366 and last week’s peak at 7,378 would be back in sight. Further up beckon the August and September peaks at 7,515 to 7,577, provided that the index stays above its last reaction low at Tuesday’s 7,243 on a daily chart closing basis. If unexpectedly slid through, the early November high at 7,221 and 8 September low at 7,174 would be in focus.
Further down lies good support at 7,131 to 7,104, made up of the August low, early October high and 55-day SMA.
The DAX 40 continues to be driven higher
The DAX 40 has seen three consecutive daily higher closes while it remains within its two-month uptrend channel amid US mid-term elections and ahead of Thursday’s widely-awaited US Consumer Price Index (CPI) data for October.
The index thus trades above the 200-day SMA at 13,602 which should act as short-term support and is gunning for the August peak at 13,976.
Minor support can be spotted between Tuesday’s low and the early November high at 13,489 to 13,445.
Three-day rally in S&P 500 may pause ahead of US CPI data
The S&P 500’s three-day rally has so far taken it to Tuesday’s high at 3,859, close to the August-to-November downtrend line at 3,872, amid US mid-term elections and as market players await Thursday’s October US CPI release.
In the short-term the index is revisiting the 55-day SMA at 3,817 with further minor support being found at the 3,807 early October high. Below it lies Tuesday’s low at 3,786 as well as the mid-October 3,765 high, which is expected to offer support, if reached at all.
A rise above Tuesday’s high at 3,589 would engage the August-to-November downtrend line at 3,872, a rise above which would put the early November high at 3,917 back on the cards.
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