FTSE 100 advances as DAX 40 and Dow hit all-time highs
FTSE 100 advances as DAX 40 and Dow hit all-time highs ahead of eurozone and US PCE inflation prints.
FTSE 100 trades in 3-month highs
The FTSE 100 trades in 3-month highs, having overcome its August 8,404 peak, with the May high at 8,479 being next in line.
Below 8,404 minor support can be spotted around the mid-August high at 8,374.
Medium-term upside pressure should be maintained while last week’s low at 8,240 holds. Below it meanders the 55-day simple moving average (SMA) at 8,234.
DAX 40 hits record high
The DAX 40's strong rally from its early August low at 17,021 has taken it above the May-to-July peaks at 18,782-to-18,935 to a new record high at 18,971. A rise above this level would engage the 19,000 mark, above which lies the major psychological 20,000 level.
Since previous resistance creates support because of inverse polarity, the 18,782 July peak may now act as support.
Dow Jones Industrial Average hits record high
The Dow Jones rally has taken it to a record high at 41,587 on Thursday. If bettered, the 42,000 region could become the next upside target zone.
Support is seen between the August support line and mid- to late July highs at 41,382 to 41,165.
While Tuesday’s low at 40,833 underpins, immediate upside pressure should be maintained.
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