FTSE 100, S&P 500 and Nikkei 225 under early pressure
Indices have struggled following Nvidia’s results last night, as the general cautious mood continues across markets.
FTSE 100 stumbles around 8100
The FTSE 100 index has steadily gained ground over the last week and was above 8100 in early trading before slipping back.
A low seems to be in place for the time being. Gains in early November stalled below 8200, so this the next target. 8300 provided support in September and October, which leaves this as another target. A close above here would leave the index free to test 8400.
S&P 500 struggles after NVIDIA earnings
NVIDIA's results last night didn’t provoke any significant volatility at the index level, and Wednesday’s session saw the S&P 500 finish near the highs of the day.
Some earl weakness this morning suggests indecision in the price action, though for the moment the short-term low from last week around 5850 is still in place. A further move higher targets the November record high at 6000. Meanwhile, a close back below 5830 would indicate renewed weakness, perhaps down towards the pre-election low around 5700.
Nikkei 225 heads lower
Upward momentum has faltered here, and after a recovery off the lows yesterday the Nikkei 225 index has dropped back.
A close below Tuesday’s low at 37,700 could target 37,295, which was support at the end of September. Below this the price targets 36,000 and then the September low at 35,100. A reversal back above the week’s high at 38,540 would open the way to another test of 40,000.
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