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FTSE 100, DAX 40 and S&P 500 await US PCE inflation print​​​

FTSE 100, DAX 40 and S&P 500 await US PCE inflation print​​​

Axel Rudolph, IG Senior Market Analyst


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FTSE 100, DAX40, S&P 500 Analysis and Charts

​​​FTSE 100 recovers from near one-month low

​The FTSE 100 slid to a near-one-month low at 8,138 on Thursday before recovering as real estate and telecom shares outperformed. Auto Trader shares rose by 12.9% in the UK as the company reported FY revenue and profits above expectations.

​The 24 May low at 8,249 represents the first upside target, followed by the 28 May high at 8,345.

FTSE 100 Daily Chart

FTSE 100 Mixed
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of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 10% 2% 5%
Weekly -5% -1% -3%
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DAX 40 revisits tentative uptrend line

​The DAX 40 is revisiting its April-to-May tentative uptrend line which so far underpins at 18,420 with Thursday’s low at 18,379. While this continues to be the case, the April high and mid-May low at 18,623 to 18,636 may be revisited. ​Failure at 18,379 would put the 18,238 late April high on the cards.

​Short-term downside pressure should remain in play while Tuesday’s high at 18,854 caps.

DAX 40 Daily Chart

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S&P 500 remains short-term under pressure

​The S&P 500’s corrective move lower from last week’s record high at 5,343 has taken it to 5,220, below which lies the mid-May low at 5,194. If fallen through, the 8 May low at 5,164 may be reached next.

​Minor resistance can be spotted at the 23 May low at 5,257.

S&P 500 Daily Chart

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