Market News

Stocks in Focus: Experience Setback as FTSE, DAX, S&P Stumble

Stocks FTSE DAX S&P

Stocks in Focus: Experience Setback as FTSE 100, DAX 40, and S&P 500 lose momentum; analysts assess key support and resistance levels.

In a recent market analysis, the FTSE 100, DAX 40, and S&P 500 have all encountered challenges maintaining their positive momentum.

FTSE 100’s Short-Term Highs Diminish

The FTSE 100 reached a nearly three-month high at 7,725 amid a prevailing risk-on sentiment driven by expectations of an earlier-than-anticipated rate cut in the US. However, the index relinquished over half of its intraday gains upon revelations that three out of the nine voting. Bank of England Monetary Policy Members advocated another rate hike. The European Central Bank’s decision to keep rates steady further contributed to profit-taking in European equity indices. Resistance for the FTSE 100 is now between 7,687 and 7,702, with support near the breached September-to-December downtrend line at 7,602.

Stocks in Focus: Experience Setback as FTSE, DAX, S&P Stumble

DAX 40 Retreats from Record Highs

After the European Central Bank clarified that it did not discuss rate cuts in its monetary meeting, the DAX 40 faced resistance around the psychological 17,000 mark despite its robust ascent from October lows. Profit-taking ensued, leading to a decline to 16,661. Despite this setback, the German stock index remains above its October-to-December uptrend line at 16,664, serving as a potential support level. The index could revisit Tuesday’s high at 16,853, with additional minor resistance at Wednesday’s 16,928 high.

S&P 500’s Upside Momentum Wanes

The S&P 500’s significant advance fueled by rate cut expectations shows signs of losing momentum around the 4,739 mark. However, the uptrend remains intact as long as Thursday’s low at 4,694 holds. The ‘triple witching’ of $5 trillion in expiring options colliding with index-rebalancing of the S&P 500 and the Nasdaq 100 anticipates volatility on Friday. Expect support at the March 2022 peak of 4,637, and the medium-term uptrend remains intact, holding recent lows at 4,544 to 4,537. The index is eyeing the November and mid-December 2021 highs at 4,743 to 4,752, aiming to return to its record high set in January 2022 at 4,817.

Stay Updated with the Latest Market News. Visit our YouTube Channel for the Latest Forex Analysis.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Newsletter

Subscribe to ForexPropNews Trading Newsletters

Receive the best-curated content by our editors for the week ahead.

Mini Charts

Related Articles

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data...

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators...

Gold Surges to New Record High Amid Market Turbulence

Gold reached a new record high, driven by safe-haven trades following the...

Fed’s Barr and Jefferson: High Interest Rates Here to Stay

Federal Reserve Governor Michael Barr reiterated interest rates will stay high until...

Featured educational content

EXPLORE MORE

Featured educational content

New to Forex? Learn to Read Charts Like a Pro

Dive into forex trading basics: chart reading, candlesticks, technical indicators, timeframes, currency pairs. Start your journey to trading success today!

Video: How I Re-Programmed My Mind to be a Consistent Trader (Thanks to The Wolf of Wall Street)

How I Re-Programmed My Mind to be a Killer Trader (Thanks to The Wolf of Wall Street)

Video: This Invisible Trading Indicator Tells you What Day Trade (Not Just Price)

This Invisible Trading Indicator Tells you WHEN to Trade (Not Just Where)

Technical Analysis: Chart Patterns and Indicators for Profitable Investments

Navigate stocks with confidence using chart patterns like Head and Shoulders, indicators such as MACD, and tools like trendlines. Master technical analysis for...

Latest News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets
Market News

US Economic Resilience Boosts Dollar: Unemployment Claims Surprise Markets

US unemployment claims fall below forecasts, indicating labor market resilience; robust data strengthens the dollar and impacts global currencies and commodities.

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends
Market News

Market Focus: Analyzing Gold, EUR/USD, and USD/JPY Trends

Gold dropped, EUR/USD declined, and USD/JPY rose, prompting scrutiny of technical indicators for future trends.

Copyright © 2023 Forex Prop News. All Rights Reserved.