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Stock indices, except the FTSE 100, consolidate ahead of weekend

Stock indices, except the FTSE 100, consolidate ahead of weekend

IG, Analyst


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Article by IG Senior Market Analyst Axel Rudolph

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

​​​FTSE 100 approaches key resistance

​​The FTSE 100’s rally, triggered by weaker-than-expected UK inflation, is being boosted by June retail sales which came in at 0.7% versus an expected 0.2% and a downwardly revised 0.1% in May. ​The UK blue-chip index, which has so far risen by over 5% from its July low, is fast approaching its 7,679 to 7,688 resistance zone. It consists of the mid-May low and the mid-June high and as such may short-term cap. ​If not, the way would be open for the 7,806 mid-May high to be reached next.

​Support is seen along the 200- and 55-day simple moving averages (SMA) at 7,599 and 7,573 as well as along the breached April-to-July downtrend line at 7,552.

FTSE 100 Daily Price Chart

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DAX 40 stays below key resistance area

​The DAX 40 this week has only briefly managed to rise above its 16,187 to 16,221 previous July highs, to 16,240, before continuing to sideways trade amid mixed earnings.​If this week’s high at 16,240 were to be bettered, however, the May peak at 16,333 would be next in line.

​Immediate support can be spotted at Thursday’s 16,047 low and also between the 55-day simple moving average (SMA) and Monday’s low at 15,994.

​DAX 40 Daily Price Chart

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S&P 500 comes off its 16-month highs

​Mixed corporate earnings provoked some profit-taking on the S&P 500 and have taken the index away from its 16-month high. ​Were this week’s high at 4,578 to be exceeded, however, the late January 2022 high at 4,595 and the March 2022 peak at 4,637 may be reached as well.

​Minor support below Thursday’s low at 4,528 can be seen around Monday’s low at 4,498.

S&P 500 Daily Price Chart

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