Article by IG Senior Market Analyst Axel Rudolph
FTSE 100, DAX 40, and S&P 500 prices, analysis, and charts
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FTSE 100 index It settles before the US earnings season begins
The FTSE 100’s three-day rally is losing bullish momentum ahead of key US earnings results due later today and as it approaches the June-July downtrend line at 7,459. If it is crossed and Thursday’s high of 7,459, the way is open for the June 9 line, the April-July downtrend line, the 200 and the 55-day moving averages at 7546 to 7595 to be reached.
Slight support can be found at 7,401 late June low.
FTSE 100 daily price chart
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Dax 40 It saw five consecutive days of gains
The DAX 40 has now risen for five consecutive days as inflation subsides in the US, prospects for further rate hikes by the Federal Reserve diminish and a soft landing intensifies. The early July high of 16,211 is now within reach, and a rise above that could lead to the May peak of 16,333 being reached after that.
Slips should find support along the breached June-July downtrend line at 16,036, below which the 55-day simple moving average (SMA) can be spotted at 15,979.
DAX 40 daily price chart
Standard & Poor’s 500 It is trading at its highest level in 16 months
After four consecutive days of higher prices with the S&P 500 hitting a new 16-month high, the index may lose some bullish momentum with profit-taking ahead of the weekend, as JPMorgan, Citigroup, Wells Fargo and global fund giant Blackrock have done. Off season second-quarter earnings on Friday. Above Thursday’s high of 4,517, the Apr 8, 2022 high is at 4,525 and still the high of 4,530 in late December 2021.
Below Thursday’s low of 4481, strong support is found between the mid-to-late June high of 4458 to 4447.