FTSE 100, DAX 40, and S&P 500 Analysis and Charts
Article written by IG Senior Market Analyst Axel Rudolph
FTSE 100 stays beneath stress amid ongoing US debt ceiling negotiations
The FTSE 100 has given again round 2.5% by falling on three consecutive days as a doable US default is getting more and more seemingly since no settlement on elevating the debt ceiling restrict has been reached but.
The 22 March excessive at 7,587 has been reached to date with the 200-day easy transferring common (SMA) at 7,530 representing the subsequent draw back goal round which the index might not less than short-term stabilise. If not, the March trough at 7,204 could be again in sight.
Minor resistance will be noticed at Thursday’s 7,638 excessive.
FTSE 100 Daily Price Chart
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DAX 40 discovered interim assist above its early May low
The DAX 40 dropped shut to its early May low at 15,659 on Thursday as Germany formally slid right into a recession and as US debt ceiling negotiation worries led to risk-off sentiment.
As lengthy because the 15,659 low holds on a every day chart closing foundation, the medium-term up- to sideways development stays intact with the early May excessive at 16,009 representing a doable upside goal.
Were 15,659 to give manner, the55-day easy transferring common (SMA) at 15,662 could be eyed, along with the 22 March excessive at 15,304.
DAX 40 Daily Price Chart
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S&P 500 tries to maintain above this week’s low amid ongoing US debt negotiations
The S&P 500 managed to bounce off this week’s low at 4,104 on a lot better-than-expected earnings and steerage from Nvidia which propped up the index.
In case of Thursday’s excessive at 4,166 being exceeded, the 4,187 early May excessive could possibly be revisited, above which lurks its nine-month excessive at 4,214.
Minor assist will be noticed alongside the March-to-May uptrend line at 4,114 and at this week’s 4,104 low. If slipped by means of, the 55-day easy transferring common (SMA) at 4,084 and the ten April low at 4,071 could be subsequent in line. Further down sits key medium-term assist at 4,047.
S&P 500 Daily Price Chart