FTSE 100, DAX 40 and NASDAQ 100 gap higher on Monday morning
FTSE 100, DAX 40 and NASDAQ 100 gap higher on Monday morning following Trump’s pick of Scott Bessent as US Treasury Secretary, leading to a drop in US Treasury yields.
FTSE 100 gaps higher
The FTSE 100 began this week where it left off last week, in positive territory with the index gapping higher on pre-market trading on Monday morning before closing its gap with Friday’s 8,277 high.
Above Monday’s 8,319 intraday high lies resistance between the 8,326-to-8,372 mid-September, early and late October highs.
Minor potential support can be found along the 55-day simple moving average (SMA) at 8,230.
DAX 40 gaps higher
The German DAX 40 index gapped higher on Monday morning, propped up by rising US markets on Friday, and probed the October-to-November downtrend line at 19,438 which acted as resistance. While this remains the case, the gap with Friday’s high at 19,370 is expected to get filled. Below this level minor support can be seen between the 14-to-18 November highs at 19,309-to-19,297.
A rise above Monday’s 19,465 intraday high would put the 6 to 11 November highs at 19,546-to-19,566 on the map.
NASDAQ 100 gapes higher in pre-market trading
The NASDAQ 100 gapped higher in pre-market trading on Monday morning following a 5 basis point drop in the 10-year Treasury yield due to the Trump nomination of Scott Bessent as US Treasury Secretary.
The gap with Friday’s high at 20,799 is expected to get filled in the course of this week but in the meantime a continued advance towards the minor psychological 21,000 mark may nonetheless be witnessed.
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