Indices sidelined ahead of busy week for data
The FTSE 100, DAX 40 and Dow await US consumer confidence, core PCE price index and employment data.
The FTSE 100 little changed from Friday
The recovery in the FTSE 100 continues despite UK inflation increasing to a higher than expected 30-year high at 6.2% in February last week.
A rise above last week’s high at 7,522 would engage the 25 February peak at 7,564 but this is likely to act as resistance, if reached today.  Once overcome, the way will be open for the February high at 7,688.
Slips should find support along the 55-day simple moving average (SMA) at 7,436 and further down at the 23 March low at 7,419.
DAX 40 stalls on lack of catalyst
The DAX 40 continues to trade sideways whilst awaiting April German Gfk consumer confidence data on Tuesday, expected at -14.6 versus -8.1 in the previous month.
The 25 February high at 14,678 remains in focus, ahead of a key multi-year resistance area which sits between 14,840 and 14,917 and goes back to May 2021. Because of inverse polarity, this area is likely to act as strong resistance.
Support below last week’s low at 14,187 can be spotted between Friday’s low and the previous Friday’s high at 14,106 to 14,102 with further support seen at the 9 March 13,995 high and 16 March 13,927 low.
Dow capped by 200-day SMA
The Dow Jones Industrials Average last week nearly reached the 200-day SMA at 35,003 but remains below it ahead of this week’s US consumer confidence, core PCE price index and employment data.
The average is likely to remain volatile amid heavy ongoing fighting in Ukraine and would need to exceed last week’s high at 34,946 and the 200-day SMA at 35,003 in order to continue its ascent towards its 35,862 February high.
Slips should find support along the breached 2022 downtrend line at 34,515 and the 55-day SMA at 34,441. Only failure at last week’s low at 34,323 would put the bears back in the driving seat.
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