FTSE 100, S&P 500 and Nasdaq 100 jittery ahead of US CPI
FTSE 100, S&P 500 and Nasdaq 100 are cautious ahead of Wednesday’s US August inflation print.
FTSE 100 perfectly poised ahead of US CPI
The FTSE 100 is perfectly poised with neither the bulls nor bears being in control as it sideways trades in the middle of its May-to-September trading range.
So far the index manages to hold above Friday’s 8,153 low but nonetheless trades back below its 55-day simple moving average (SMA) at 8,236 which may act as initial resistance.
While Monday's high at 8,294 isn’t bettered, overall downside pressure should remain in play.
Minor support ahead of 8,153 sits at Wednesday’s 8,205 low.
S&P 500 holds above last week’s low ahead of US CPI
The S&P 500 consolidates after last week's sharp drop and remains above its recent 5,385 low ahead of Wednesday's US inflation print for August.
Support is seen along the August-to-September support line at 5,422 ahead of last week's 5,385 low. A fall through it would likely target the 5,192 late May low.
Minor resistance can be spotted along the 55-day SMA at 5,509 and at the 5,524 late June high.
Nasdaq 100 looks slightly bid ahead of US CPI release
Last week the Nasdaq 100’s near 8% drop from its 19,938 late August high halted slightly above the 200-day SMA at 18,276.
This week a cautious bounce to last Tuesday’s 18,777 low and this Tuesday's high at 18,846 might be followed by a rise to the minor psychological 19,000 region. As long as the 5 September high at 19,108 isn't overcome, downside pressure retains the upper hand. Only a bullish reversal, rise and daily chart close above Thursday’s 19,108 high would have at least short-term bullish implications.
Failure at last week’s 18,308 low and the 200-day SMA at 18,276 could lead to the August trough at 17,244 being back in view.
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