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FTSE 100, DAX 40 rally on back of new record S&P 500 high

FTSE 100, DAX 40 rally on back of new record S&P 500 high

Axel Rudolph, IG Senior Market Analyst


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

​​​FTSE 100 in recovery mode

​ ​The FTSE 100 finally stopped oscillating around the 55-day simple moving average (SMA) at 8,196 and rallied above the May-to-June downtrend line at 8,234, which now because of inverse polarity, should act as support.

​A rise above Thursday’s 8,289 high and the 7 June 8,306 high would put the early June high at 8,364 back on the plate.

FTSE 100 Daily Chart

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FTSE 100 Mixed
Data provided by
of clients are net long. of clients are net short.
Change in Longs Shorts OI
Daily -9% 4% -2%
Weekly -3% -7% -5%
What does it mean for price action?
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​DAX 40 nears the 11 June 18,278 low

​The DAX 40 has finally managed to rise from the 50% retracement of the April-to-May advance at 18,170 to a one-week high at 18,260. Above it meanders the 55-day simple moving average (SMA) at 18,329 and sits at the 18,361 early June low.

​Minor support can be seen at Tuesday’s 18,213 high, ahead of the 50% retracement at 18,170.

DAX 40 Daily Chart

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​S&P 500 trades in record highs above the 5,500 mark

​The S&P 500 trades in all-time highs around the 5,500 mark ahead of today’s US manufacturing and services PMI data. ​In case of a new record high being made, the 5,600 region would be in sight.

​Were a slip through the May-to-June uptrend line at 5,474 to be seen, Thursday’s low at 5,456 would be in focus. If slipped through as well, a minor top may be formed with the mid-June 5,447 high and Monday’s 5,421 low being in sight.

S&P 500 Daily Chart

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