Global indices fluctuate as the FTSE 100 and DAX 40 stall, while the S&P 500 sets new records, impacting market sentiment.
In the latest market developments, major indices, including the FTSE 100 and DAX 40, are grappling with varying activity levels, with the S&P 500 stealing the spotlight by reaching unprecedented highs—insights into the current status of these key indices.
FTSE 100 Continues Sideways Movement
The FTSE 100 remains within a trading range of 7,690 to 7,600, and experts are closely monitoring for a breakout that could dictate the next minor trend. Should the index breach last week’s low at 7,600, attention will turn to the 55-day simple moving average (SMA) at 7,592 and the 200-day SMA at 7,550. On the positive side, the analysts observe resistance at last Tuesday’s 7,641 low, indicating the possibility of an upward movement toward the mid-October high at 7,702 once surpassing the 7,690 level. As long as the 7,600 level remains intact, analysts anticipate the persistence of the medium-term uptrend.
Indices: FTSE 100 and DAX 40 in Focus as S&P 500 Hits Highs
DAX 40 Experiences Dip but Seeks Recovery
Meanwhile, the DAX 40 index witnessed a dip, touching its January-to-February uptrend line at 16,856 during overnight trading before rebounding toward its Monday high of 16,943. A breach of the mid-December and early February record highs at 17,003 to 17,020 could pave the way for a move towards the 17,100 mark. The index should avoid a reversal below last Thursday’s low at 16,782 to maintain a bullish outlook. Analysts identify support levels at the Friday low of 16,889.
S&P 500 Hits New Record Highs
In contrast, the S&P 500 continues its upward trajectory and rapidly approaches the psychological milestone 5,000. Analysts anticipate a potential short-term loss of upside momentum around this level. Expect support levels at the 4,931 highs from last Monday and Tuesday and the 4,905 low from Friday. Identify additional solid support between Tuesday’s low of 4,899 and the late January high of 4,903.
As global markets navigate these dynamics, investors remain vigilant, monitoring key indices for potential shifts and developments in the coming days.