FTSE 100 struggles while DAX and S&P 500 fall back from new highs
While the FTSE 100 is unable to make headway, the DAX and S&P 500 have fallen back from new highs made earlier in the week.
FTSE 100 drifts sideways
The FTSE 100 index’s disappointing performance continues, remaining stuck in a range between 8200 and 8320.
Neither buyers nor sellers seem strong enough to break the range, though a push higher targets 8400 and then 8480.
Conversely, a drop below the early September low at 8165 could open the way to the 200-day simple moving average (SMA), currently 8060.
DAX falls back from new high
Tuesday saw the DAX 40 index briefly touch a new record high before easing back.
Further short-term weakness may see the index move back to 19,000 and give back the gains made so far in October. The overall push higher from August is still intact, higher lows having been formed at 18,230 and then 19,000.
S&P 500 edges lower
Monday’s S&P 500 record high was swiftly followed up by some losses yesterday.
However, the latest record high helps to confirm the strength of the uptrend, while trendline support from the August low has yet to be tested.
Horizontal support at the previous highs of 5773 and then 5669 might intervene in the event of a more sustained drop.
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