Nasdaq 100, S&P 500 and FTSE 100 advances pause ahead of Fed rate cut
Nasdaq 100, S&P 500 and FTSE 100 advances pause ahead of likely 50 bps Federal Reserve rate cut announcement at 7.00pm (BST).
Nasdaq 100 side-lined in low volatility ahead of Fed rate cut
The Nasdaq 100 remains side-lined ahead of Wednesday’s probable first Federal Reserve (Fed) interest rate cut in over four years, having last week rallied by nearly 6%, and having regained practically all of its 22 August-to-September losses.
The index continues to flirt with its July-to-September downtrend line at 19,435 which currently acts a support. Above Tuesday’s high lies the 19,631 late August high. If this level were to be bettered, the August peak at 19,938 would be back in sight.
Potential slips below Monday’s 19,288 low may find support around the late August 19,081 low.
S&P 500 trades in all-time highs
The S&P 500 is on track for its eighth straight day of advancing prices, having on made a new record high on Tuesday at 5671. Above it beckons the 5700 region.
Minor support within the 5564-to-5524 late June and early August highs sits at the 5545 late August low and the 55-day moving average (SMA) at 5523.
FTSE 100 trades with a slight upside bias
The FTSE 100 now trades above its 55-day SMA at 8247, reaching a near two-week high at 8352. Further up lies the 8374 mid-August peak, followed by the 8404-to-8419 early and late August highs.
Minor support below the 55-day SMA at 8247 can be spotted at Wednesday’s 8169 low and major support at the early September 8153 low.
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