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S&P 500, DAX 40, FTSE 100, Technical Forecasts for the Week Ahead

S&P 500, DAX 40, FTSE 100, Technical Forecasts for the Week Ahead

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  • Global stocks attempt to recover bullish momentum after Evergrande-led drop
  • S&P 500, DAX 40, and FTSE 100 key levels to watch
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S&P 500

The S&P 500 has bounced back from its recent two-month low but is finding some resistance in its attempt to get back above its previous ascending trendline support. The 20-day and 50-day SMAs are converging around 4,465 which is causing some rejection for bulls as a possible short-term bearish cross may unfold. For immediate support, the 4,400 mark looks like a good target area but, as the RSI is dipping, the pullback may intensify further towards the recent two-month low around 4,300.

S&P 500 Daily Chart

SPX Chart

DAX 40

The DAX 40 hasn’t been able to make any meaningful progress since August after consecutively being rejected at the 16,000 mark. This past week’s pullback has allowed some fresh bullish momentum to come in but the index continues to be overstretched at current levels, which is causing a lot of resistance in the attempt to break higher again. The recent highs since the end of August are being rejected at lower levels and are forming the start of what could be a descending trendline resistance, which would be confirmed if the next attempt to push higher gets rejected around 15,720/15,710 over the coming days.

DAX 40 Daily Chart

DAX 40 Chart

FTSE 100

The FTSE 100 has been coming under pressure recently as an energy crisis seems to be unfolding in the UK, leaving many producers bankrupt. There is also the threat of less monetary stimulus from the Bank of England in the coming months as economic conditions are improving, which is also acting as a headwind for UK stocks, other than the banking sector, which would benefit from higher interest rates down the line. As the daily chart shows, the UK index has been experiencing some strong pullbacks within a session that has then reversed, leaving the daily candlesticks with long tails every few days or so. This is showing growing momentum to break lower but buyers stepping in to prevent the pullback from materialising, which then leads to another break higher. If this pattern continues, we may see the FTSE 100 consolidate around 7,042 over the coming week as sellers work up the momentum to attempt a new bearish reversal.

FTSE 100 Daily Chart

FTSE 100 Chart

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--- Written by Daniela Sabin Hathorn, Market Analyst

Follow Daniela on Twitter @HathornSabin

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.