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​​ FTSE 100, DAX 40 and S&P 500 Try to Stabilise Despite Ongoing US Debt Ceiling Woes

​​ FTSE 100, DAX 40 and S&P 500 Try to Stabilise Despite Ongoing US Debt Ceiling Woes

IG, Analyst


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

Article written by IG Senior Market Analyst Axel Rudolph

​​​FTSE 100 remains under pressure amid ongoing US debt ceiling negotiations

​​The FTSE 100 has given back around 2.5% by falling on three consecutive days as a possible US default is getting increasingly likely since no agreement on raising the debt ceiling limit has been reached yet.

​The 22 March high at 7,587 has been reached to date with the 200-day simple moving average (SMA) at 7,530 representing the next downside target around which the index may at least short-term stabilise. If not, the March trough at 7,204 would be back in sight.

​Minor resistance can be spotted at Thursday’s 7,638 high.

FTSE 100 Daily Price Chart

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​DAX 40 found interim support above its early May low

​The DAX 40 dropped close to its early May low at 15,659 on Thursday as Germany officially slid into a recession and as US debt ceiling negotiation worries led to risk-off sentiment.

​As long as the 15,659 low holds on a daily chart closing basis, the medium-term up- to sideways trend remains intact with the early May high at 16,009 representing a possible upside target.

​Were 15,659 to give way, the55-day simple moving average (SMA) at 15,662 would be eyed, together with the 22 March high at 15,304.

DAX 40 Daily Price Chart

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​S&P 500 tries to hold above this week’s low amid ongoing US debt negotiations

​The S&P 500 managed to bounce off this week’s low at 4,104 on much better-than-expected earnings and guidance from Nvidia which propped up the index.

​In case of Thursday’s high at 4,166 being exceeded, the 4,187 early May high could be revisited, above which lurks its nine-month high at 4,214.

​Minor support can be spotted along the March-to-May uptrend line at 4,114 and at this week’s 4,104 low. If slipped through, the 55-day simple moving average (SMA) at 4,084 and the 10 April low at 4,071 would be next in line. Further down sits key medium-term support at 4,047.

S&P 500 Daily Price Chart

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