FTSE 100 drop muted as S&P 500, Nasdaq 100 take large hits amid tariff threats
FTSE 100 drop muted as S&P 500, Nasdaq 100 take large hits amid US President Trump tariff threats and souring sentiment.
FTSE 100 dips but nears 2025 uptrend line
The FTSE 100 comes off Thursday's 8,783 high but to a lesser degree than its European peers as hopes remain that the UK will be exempt from US President Trumps' tariff threats.
The UK blue chip index is being supported by its 2025 uptrend line at 8,673. Below it lies last week's 8,614 low which offers additional support.
Minor resistance is seen between Wednesday's and today's intraday highs at 8,739-to-8,751.
S&P 500 slips through support
The S&P 500 slid to a six-week low at 5,847 on US President's tariff threats. Below it lies the significant 5,798-to-5,772 support zone which consists of the December-to-January lows. Provided it holds, further sideways trading remains at hand but were it to be fallen through, a medium-term top would be formed.
Previous support seen between the mid-January to 25 February lows at 5,923-to-5,909 should, because of inverse polarity, now act as resistance.
Nasdaq 100 briefly slips through key support
The Nasdaq 100 has now declined for seven straight days amid souring sentiment due to Nvidia's 8% post fourth quarter (Q4) earnings drop and US President Trump's tariff threats.
The major 20,769-to-20,533 support zone, made up of the December-to-January lows, has briefly been slid through with Thursday's low being made at 20,465. While this level underpins on a daily chart closing basis, the index may still, at least short-term, recover.
Minor resistance above the 20,631 late January low can be spotted at the 20,769 early January low.
Were the 20,465 Thursday low to give way today, a medium-term top formation would be formed.
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