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FTSE 100, DAX 40, Nasdaq 100 Analysis and Charts
FTSE 100 once more targets the 8,000 mark
On Wednesday the FTSE 100 rejected the 8,000 mark and slipped to Thursday’s 7,886 low before heading back up again. While 7,886 underpins, the 8,017 early April high will remain in sight.
Minor support above 7,886 is seen around Wednesday’s 7,915 low.
FTSE 100 Daily Chart
Retail trader data shows 27.75% of traders are net-long with the ratio of traders short to long at 2.60 to 1. The number of traders net long is 7.66% higher than yesterday and 13.72% lower than last week, while the number of traders net short is 7.11% lower than yesterday and 7.92% higher than last week.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-short suggests FTSE 100 prices may continue to rise.
| Change in | Longs | Shorts | OI |
| Daily | -14% | 7% | 1% |
| Weekly | -26% | 18% | 4% |
DAX 40 regains lost ground
The DAX 40 found support slightly below the October-to-April uptrend line and then formed a potentially bullish hammer on the daily candlestick chart. However, this will only be confirmed on a rise and daily chart close above Thursday’s high at 18,111. If so, the medium-term advance should continue.
Slips may find support around Wednesday’s low at 17,975 ahead of Thursday’s trough at 17,861.
DAX 40 Daily Chart
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Nasdaq 100 rallies
The Nasdaq 100’s strong recovery from Thursday’s low at 17,862, made marginally below Friday’s low at 17,866, on strong gains by several of the so called ‘magnificent seven’ stocks is approaching resistance at the 18,368 to 18,369 late March to early April highs, above which beckons the March record high at 18,466 as the US earnings season kicks off.
Slips should find support around the 9 April high at 18,213.
Nasdaq 100 Daily Chart
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