FTSE 100, DAX 40 remain bid despite Nasdaq 100 sell-off
FTSE 100, DAX 40 remain bid despite Nasdaq 100 sell-off amid rising global yields due to resurging inflationary concerns.
FTSE 100 remains bid
The FTSE 100's recovery from its November and December 7,995 low has taken the UK blue chip index above the 55- and 200-day simple moving averages (SMA) at 8,216-to-8,202, above which it has mostly been trading this week. The December-to-January resistance line at 8,293 may be reached together with the 6 November high at 8,304, provided a rise above the early January high at 8,267 is unfolding.
The two moving averages act as minor support. Further minor support is found at Tuesday's 8,186 low and around the 27 December high at 8,159 which was made within the 8,183-to-8,196 late September and early October lows.
DAX 40 on track for third straight day of gains
The German DAX 40 index is on track for its third straight day of gains, targeting its December all-time high at 20,527.
Minor support below Monday's 20,247 high is seen 20,024 late December high and around the psychological 20,000 mark.
Nasdaq 100 looks to be under pressure
The Nasdaq 100's advance from its 20,769 early January low, made within reach of its December 20,725 low, has run out of steam at Monday's 21,740 high. From there another down leg is being formed amid rising US Treasury yields and inflationary concerns.
Were Tuesday's low at 21,091 to give way, the 55-day SMA at 21,009 would be in focus, together with the 21,003 late November high.
Key support below these levels can be found at the 20,769-to-20,725 December-to-January lows. While it underpins, the medium-term uptrend remains intact.
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