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FTSE 100, DAX 40 & S&P 500 Hit New Highs

FTSE 100 DAX 40 S&P 500

Driven by robust earnings and positive sentiment, global stock markets surge, with the FTSE 100 leading and the DAX 40 and S&P 500 following suit.

In a remarkable turnaround, the FTSE 100 has resumed its upward trajectory, reclaiming lost ground after a dip to 7,600 spurred by indications of delayed interest rate cuts by the Bank of England (BoE). The index is now surging towards Wednesday’s peak of 7,690, driven by robust US earnings and a prevailing risk-on sentiment in the market.

Market analysts anticipate a potential move above 7,690, with the 11 January high at 7,694 as the next key level. If successful, the mid-October high at 7,702 becomes a plausible target, with further resistance noted at the July and September highs ranging from 7,723 to 7,747.

While offering minor support, last Friday’s high of 7,653 and Tuesday’s low of 7,642 mark crucial levels. This week’s low at 7,600 underpins the bullish trend, which remains intact.

FTSE 100, DAX 40 & S&P 500 Hit New Highs

Retail Sentiment data reveal a mixed picture, with 45.00% of traders holding net-long positions. The ratio of short to long traders stands at 1.22 to 1. Notably, the number of net-long traders has decreased by 9.03% compared to yesterday, signaling a cautious stance, while the number of net-short traders has increased by 9.92%.

Similarly, the DAX 40 index swiftly rebounded from Thursday’s low of 16,782 and is poised to revisit its current record high of 17,020. Encouraged by stronger-than-expected earnings from tech giants Amazon and Meta Platforms, US indices have propelled the DAX 40 towards potential upside targets, with the 17,100 mark representing a crucial level. This positive momentum is expected to persist unless a bearish reversal occurs below Thursday’s low.

Meanwhile, the S&P 500 has staged an impressive comeback, erasing short-term bearish sentiments that followed a reversal of Monday’s record high at 4,931. Fueled by robust US tech earnings, the index has surged from Wednesday’s low of 4,842 to Thursday’s new record high at 4,941, with the psychological 5,000 mark looming as the next milestone.

Investors can find solid support levels between Tuesday’s low of 4,899 and the late January high of 4,903. Investors anticipate that the upcoming US Non-Farm Payrolls report will be crucial in influencing market sentiment in the near term.

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