FTSE 100, DAX 40 and S&P 500 Advances Take a Breather

​​​FTSE 100 mixed​​Following eight straight days of gains for the FTSE 100, as rate cut expectations on both sides of the Atlantic remain firmly in play, Friday saw some end-of-week profit taking. Monday morning sees quiet trading amid a near-empty economic calendar. ​Resistance is seen at last week’s 8,369 high, above which beckon the late July and early August high at 8,404.​The 8,278 mid-July high offers minor support ahead of the 55-day simple moving average (SMA) at 8,215.FTSE 100 Daily Chart​

of clients are net long.

of clients are net short.

Change in

Longs

Shorts

OI

Daily
9%
4%
6%

Weekly
-10%
15%
5%

​DAX 40 remains bid​The DAX 40’s swift recovery from last week’s 17,021 low has taken it close to the July-to-August resistance line at 18,372 which may cap the advance on Monday. If not, the late July high at 18,580 would be next.​Minor support can be seen along the 55-day simple moving average (SMA) at 18,247 ahead of the 9 July low at 18,211.DAX40 Daily Chart

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​S&P 500 sees strongest week since November 2023​The S&P 500’s steep rally from its 5 August low at 5,091 has taken it back to its early August high at 5,564 around which it may short-term pause. If not, the July peak at 5,669 will be next in line.​The 55-day simple moving average (SMA) breached the July-to-August downtrend line at 5,467-to-5,462 and may act as support if they were to be revisited.S&P 500 Daily Chart
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