FTSE 100, S&P 500 and Nikkei 225 edge higher after recent losses
The selling intensified across indices yesterday, but Tesla earnings helped support sentiment and there has been some tentative buying in early trading.
FTSE 100 edges higher
The FTSE 100 index fell back towards last week’s lows yesterday, but has recovered in early trading.
If the price can stabilise today another push back towards 8400 may develop, though the range of September and October from 8150 to 8400 remains in place. The uptrend of early 2024 has given way to consolidation, but the index has avoided a sustained move to the downside.
Nikkei 225 hits four-week low
The Nikkei 225 index has witnessed a pullback from the October highs, wiping out most of the gains made from the late September low.
It has also fallen below trendline support from the August low, a notable bearish development. This could see the pullback intensify, potentially targeting 37,300 and the late September low, while beyond this lies the September low just above 35,000.
It would need a move back above 38,600 to see the price recover the trendline.
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