Nikkei 225 flat with FTSE 100, DAX 40 expected to move little as US shut
Nikkei 225 flat with FTSE 100, DAX 40 expected to move little as US shut for Labor day and hardly any data being released.
Nikkei 225 little changed
On Friday the Nikkei 225 index finally managed to trade above the 55-day simple moving average (SMA) at 38,454 and the 200-day SMA at 38,477, having been capped by the former over the past couple of weeks. The index nonetheless remains below the late July high at 39,281 as it continues to range trade.
A break below last week’s low at 37,817 would engage the previous Monday’s low at 37,163 and may lead to a retest of the 36,000 level.
As long as the 19 August low at 37,163 low holds, the near-term bullish outlook remains intact.
FTSE 100 flatlines
The FTSE 100 trades back below its early August peak at 8,404, having last week briefly made a 3-month high at 8,419.
Overall upside pressure should be maintained while the 20 August low at 8,240 holds. Below it meanders the 55-day SMA at 8,238.
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