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Major Indices: July Peak Holds or Signals New Record?

Major Indices

Explore major indices: FTSE 100 stalls and DAX 40 and S&P 500 as July peaks hold, prompting speculation on potential new record highs in the market.

In the latest market analysis, the FTSE 100 retracts from its six-week high of 7,543 last week. Investors anticipate that upcoming data releases this week will provide insights into the economic and monetary policy outlook.

The index may revisit the 55-day simple moving average (SMA) at 7,492 and the early November high at 7,484. Despite Friday’s low at 7,466 offering support, the overall upward pressure could compromise. A failure to sustain this support level may bring the significant 7,384 to 7,369 range, comprising September, early October, and late November lows, back into consideration.

Key resistance levels lie at the November and current December highs at 7,535 to 7,543, with the 200-day simple moving average (SMA) at 7,575 hovering above.

Major Indices: July Peak Holds or Signals New Record?

The DAX 40 index is persistently rallying, fueled by last week’s softer German and eurozone inflation data. The index is approaching its July peak of 16,532, and we anticipate a short-term stall. Failure to stall could result in the index reaching a new record high. The immediate upside pressure remains intact unless a slip through Friday’s low at 16,237. Below this, the index faces support levels at last Thursday’s 16,165 low and, more significantly, between the August and September highs at 16,044 and 15,992.

Market sentiment data indicates a notable change, with an increase in daily long positions by 57%, while shorts increased by 8%. Weekly positions experienced minimal changes, with a 1% increase in longs and shorts, reflecting a cautious market.

S&P 500 Continues Advance, Approaching July High Amid Treasury Yield Fluctuations

The S&P 500 is witnessing ongoing advances in November, with the July peak at 4,607 within reach. Despite fluctuations in US Treasury yields, the index may undergo short-term consolidation around this high. Once surpassed, attention will shift to the March 2022 peak at 4,637.

The analysis highlights minor support levels at the November 22 high of 4,569, emphasizes more substantial support between last week’s lows at 4,539 and 4,537, and points out further support at the mid-September high of 4,516.

The market analysis suggests that investors closely monitor economic indicators and key technical levels across these major indices for potential shifts in market dynamics.

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