Indices mixed ahead of end of wild quarter
The DAX 40 stays below key technical resistance while the FTSE 100 and S&P 500 remain bid into quarter end.
FTSE 100 continues its gradual advance
The FTSE 100 continues to trade around its 25 February high at 7,564 as traders mull a potential peace accord between Russia and Ukraine.
Nonetheless the trend continues to point upwards and a rise above this week’s high at 7,585 would target the February peak at 7,688.
Potential retracements below the 23 March high at 7,522 should find support along the 55-day simple moving average (SMA) at 7,438 and further down at the 23 March low at 7,419.
DAX 40 consolidates below key resistance area
On Tuesday the DAX 40 probed a key multi-year resistance area which sits between 14,840 and 14,917 and goes back to May 2021 on the back of hopes of a settlement being reached between Russia and Ukraine. This has, however, since provoked a reversal as uncertainty increased.
This resistance zone is expected to continue to cap for the time being and may lead to a minor retracement back towards yesterday’s low at 14,528 unfolding. If fallen through, last week’s low at 14,187 may be revisited.
In case of this week’s high at 14,927 being exceeded, the 200-day SMA at 15,424 would be targeted next.
S&P 500 remains above previous resistance, now support, at 4,595 to 4,591
The S&P 500 rally is taking a breather with the index having traded around its 4,595 early February high over the last few days on hopes of a possible peace agreement between Russia and Ukraine taking shape.
Were this week’s high at 4,637 to be bettered, the 12 January high at 4,748 would represent the next upside target while minor support below yesterday’s low at 4,581 comes in between the 22 and 24 March highs at 4,530 to 4,521.
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