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FTSE 100 From Highs to Retreats, Dow and Nasdaq in Focus

FTSE retreats Dow Nasdaq

Stay informed on the latest market movements: The FTSE 100 retreats from a ten-month high, and the Dow and Nasdaq 100 remain steady amid mixed sentiment and technical cues.

On Thursday, the FTSE 100 retreated from its recent ten-month high, signaling a potential downturn following Wednesday’s surge. While the index reached its highest level in ten months, the reversal suggests a looming correction, possibly towards the 50-day simple moving average. Below the 7700 mark, which held buying pressure in late February, lies a critical level at 7600. Should the price maintain above 7700, a renewed attempt to push higher could emerge.

Retail trader data indicates a mixed sentiment, with 35.37% of traders net-long, while 66% of clients are net short on the FTSE 100. The ratio of short to long traders stands at 1.83 to 1. Net-long traders have increased by 17.44% compared to yesterday, while net-short positions have decreased by 16.63%. However, net-long positions are 4.00% lower compared to last week, and net-short positions are 7.95% higher.

FTSE 100 From Highs to Retreats, Dow and Nasdaq in Focus

The post-CPI rally faltered on Thursday, although it remained above previously-broken trendline resistance. A close below trendline support from January, followed by a breach of the 50-day SMA, indicates a deeper pullback towards 37,816 and the previous high.

Meanwhile, the Nasdaq 100 held trendline support despite slipping back to 18,000 during Thursday’s session. Bullish momentum has wavered, and a break below trendline support from the January low could signify a significant shift for the index. Such a move might lead to further declines towards horizontal support at 17,656 and then to the 50-day SMA.

However, if the price can maintain trendline support, a potential move higher may see the index return to last week’s peak and possibly beyond.

In contrast, the Dow Jones and Nasdaq 100 remained relatively steady, with the former holding onto its gains while the latter faced some downward pressure but maintained crucial support levels.

Overall, market sentiment remains cautious, with investors closely monitoring key technical levels for further clues on market direction in the coming sessions.

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