DAX 40, S&P 500 Come off Record Highs, FTSE 100 off the 8,000 Region​​​

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

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​​​FTSE 100 comes off the 8,000 region

​The FTSE 100’s rally to its 8,017 14-month high has been followed by a sharp sell-off as investors worry about inflation creeping back in, with the 7,889 late March low being in view. A fall through and daily chart close below this level would push the accelerated uptrend line at 7,831 to the fore. Below it lie the more significant December-to-mid-March highs at 7,786 to 7,747 which may act as support.

FTSE 100 Daily Chart

DAX 40 comes off yet another record high

​The DAX 40 reversed lower on Tuesday despite German inflation hitting a 3-year low and probed the February-to-March accelerated uptrend line at 18,274 which held. On Wednesday morning it was briefly slipped through before being revisited. ​Above it, minor resistance can be seen around the 27 March low at 18,382.

​A fall through Wednesday’s 18,239 low would put the 18,044 mid-March high back on the cards.

DAX 40 Daily Chart

of clients are net long.

of clients are net short.

Change in Longs Shorts OI
Daily 22% -7% -3%
Weekly -11% -14% -13%

S&P 500 comes off its record high

​The S&P 500 reversed lower from this week’s record high, made at 5,274, amid strong US data which makes investors worry about the return of inflation and pares back rate cut expectations. ​The negative divergence on the daily Relative Strength Index (RSI) forewarned traders that a reversal may occur with the S&P 500 so far slipping to 5,184.

​Short-term the breached October-to-April uptrend line, now a resistance line, at 5,225 may be revisited but a fall through 5,184 would put the early March highs at 5,165 to 5,150 on the map.

S&P 500 Daily Chart


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