Indices mixed as traders assess Russia-Ukraine peace talks
The FTSE 100 and DAX 40 stall at key technical resistance while the S&P 500 continues to be bid despite the US 10-2 yield spread inverting overnight, pointing to a looming recession.
FTSE 100 drifts after broad rally
Yesterday the FTSE 100 tried to overcome its 25 February high at 7,564 on hopes of a peace accord between Russia and Ukraine but this morning the index is trading back around this level as Ukrainian scepticism is being assessed by market participants.
Nonetheless the trend continues to point upwards and a rise above yesterday’s high at 7,585 would push the February peak at 7,688 to the fore.
Slips below the 23 March high at 7,522 should find support along the 55-day simple moving average (SMA) at 7,437 and further down at the 23 March low at 7,419.
DAX 40 capped by key resistance area
The DAX 40 has reached 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 resistance caps for now and may lead to a minor retracement back towards the 23 March high at 14,584 taking place. Much further down last week’s low can be spotted at 14,187.
In case of yesterday’s high at 14,927 being exceeded, the 200-day SMA at 15,429 would be targeted over the coming days.
S&P 500 continues its steep ascent despite US yield curve inverting
The S&P 500’s rally is ongoing with the index having risen and, more importantly, closed above its 4,595 early February high which represented key technical resistance.
It did so on hopes of a peace agreement between Russia and Ukraine being signed and despite the US 10-2 year yield spread briefly inverting overnight, historically a pointer to an upcoming recession.
The 12 January high at 4,748 constitutes the next upside target with minor support below the 4,595 level being found at the 10 January 4,582 low.
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