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​​​FTSE 100, DAX 40 and S&P 500 Recover from Last Week’s Lows

​​​FTSE 100, DAX 40 and S&P 500 Recover from Last Week’s Lows

Axel Rudolph, IG Senior Market Analyst

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FTSE 100, DAX 40, S&P 500 Analysis and Charts

​​​FTSE 100 on track for third day of gains

​On Monday morning the FTSE 100 briefly rallied above last week’s high at 8,345 before giving back some of its recent gains. Above Monday’s 8,364 intraday high lies the 8,400 region and the May record high at 8,479.

​Potential slips may find support around the 24 May low at 8,249.

FTSE 100 Daily Chart

FTSE 100 Bearish
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily 27% -8% 6%
Weekly 10% -10% -2%
What does it mean for price action?
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DAX 40 remains short-term bid

​The DAX 40’s bounce off last week’s low at 18,379 has so far taken it to Monday’s intraday high at 18,700 before stalling ahead of Thursday’s European Central Bank (ECB) meeting at which a 25 basis-point rate cut is expected to be announced. If the 18,700 level were overcome, the late May high at 18,854 could be back in the frame.

​Minor support can be found around the 24 May low at 18,514.

DAX 40 Daily Chart

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S&P 500 likely ended corrective move lower on Friday

​The S&P 500’s corrective move lower from its May record high at 5,343 to Friday’s 5,192 low probably ended at last week’s low as it appears to be an Elliott wave abc zig-zag correction which should be followed by an advance to new all-time highs. The medium-term uptrend will remain intact while the late May low at 5,192 underpins.​Minor support can be spotted at the 30 May high at 5,260 and the 23 May low at 5,257.

​Minor resistance sits at the 28 May high at 5,321.

S&P 500 Daily Chart

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