​​ FTSE 100, DAX 40 and S&P 500 Try to Stabilise Despite Ongoing US Debt Ceiling Woes


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

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