FTSE 100, DAX 40 and NASDAQ 100 hover above late October lows
FTSE 100, DAX 40 and NASDAQ 100 hover above late October lows ahead of Tuesday’s US presidential election which may provide volatility.
FTSE 100 hovers above last week’s low
The FTSE 100's recovery from last week’s low at 8,070 has taken it back to the September-to-early October lows at 8,153-to-8,196 which acted as resistance on Friday. A rise above Friday’s high at 8,023 would put the 15 October low at 8,235 on the map. While the next higher 55-day simple moving average (SMA) and October resistance line at 8,275-to-2,281 cap, sideways trading is at hand.
Only a fall through last week’s and the late July low at 8,070-to-8,056, would put the psychological 8,000 mark on the cards.
For a bullish reversal to be seen, a rise and daily chart close above Tuesday’s high at 8,326 would need to occur.
DAX 40 hovers above key support area
Last week the DAX 40 index dropped to 19,004, close to its 18,909 early October low. While this support zone underpins, a bullish reversal towards the 20,000 mark may ensue. Failure at 18,909 would confirm a medium-term top, though, and could lead to the 200-day SMA at 18,313 being revisited.
NASDAQ 100 holds above support ahead of US election
The NASDAQ 100's swift late October bearish reversal off its 20,652 high has taken it to last week’s low at 19,877, a three-week low. Were it to give way, the early October low at 19,611 would be back in play, a fall through which creating a bearish trend reversal. As long as the 19,928-to-19,877 support zone underpins, though, the late September high at 20,316 may be reached once more.
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