Article by IG Senior Market Analyst Axel Rudolph
FTSE 100, DAX 40, and S&P 500 Charts
FTSE 100 index approaching major resistance
The FTSE 100 rose, driven by weaker-than-expected British inflation, supported by June retail sales which came in at 0.7% vs. 0.2% expected and revised down 0.1% in May. The UK blue-chip index, which has so far gained more than 5% from its July low, is rapidly approaching the 7,679 resistance area to 7,688. It consists of a mid-May low and a mid-June high and therefore could be a short-term ceiling. If not, the way is open for 7,806 mid-May peaks to be reached next.
Support is seen along the 200 and 55 day simple moving averages at 7599 and 7573 as well as along the breached downtrend line from April to July at 7552.
FTSE 100 daily price chart
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Dax 40 It stays below the main resistance area
This week the DAX 40 briefly managed to rally above its previous July high of 16,187 to 16,221 to 16,240, before continuing to trade sideways amid mixed gains. However, if this week’s high of 16,240 improves, the May peak of 16,333 will be next in line.
Immediate support can be found at 16,047 Thursday’s low and also between the 55-day simple moving average (SMA) and Monday’s low at 15,994.
DAX 40 daily price chart
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Standard & Poor’s 500 It comes from its highest level in 16 months
Mixed corporate earnings sparked some profit-taking on the S&P 500 and took the index away from a 16-month high. If this week’s high of 4578 is surpassed, the late January 2022 high of 4595, and the March 2022 peak of 4637 may also be reached.
Minor support can be seen below 4528 Thursday low around 4498 Monday low.
S&P 500 daily price chart
