FTSE 100, DAX 40 and NASDAQ 100 begin week with cautious stance
FTSE 100, DAX 40 and NASDAQ 100 begin week with cautious stance ahead of this week’s Fed, BoJ and BoE rate decisions.
FTSE 100 under pressure
Last week’s FTSE 100 recovery from its three-week low at 8,235, made near the 55-day simple moving average (SMA) at 8,239, seems to have run out of steam at Friday’s 8,333 high.
A slip through Friday’s 8,279 low and the November-to-December uptrend line at 8,272 may put the 11 December low at 8,235 back on the cards. While it underpins, though, medium-term upside pressure should persist with a rise above Friday’s 8,333 high putting the December resistance line at 8,352 on the map.
DAX 40 side-lined
The German DAX 40 has come off last week’s 20,527 record high but so far remains above Thursday and Friday’s lows at 20,364-to-20,363. A fall through these levels would likely engage the 10 December low at 20,260 but as long as they hold, the 9 December high at 20,476 may be revisited and perhaps also last week’s record high at 20,527.
NASDAQ 100 remains bid
The NASDAQ 100 continues to rise, having last week made a new record high at 21,886. If bettered, the 22,000 region will be eyed.
Only a slip through the November-to-December uptrend line at 21,600 would indicate short-term weakness and may lead to the November high at 21,233 and last week’s low at 21,316 being revisited.
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