Despite range trading by the DAX 40 and S&P 500, the FTSE 100 experiences a continuous rise
Your Stock Market Update: FTSE 100, DAX 40, and S&P 500
The FTSE 100 is doing pretty well because the price of oil is going up. It’s getting close to the highest points it reached in July and September, which are around 7,723 to 7,747. These high points might make it harder for the FTSE 100 to keep going up for now. Even though UK inflation stayed the same in September at 6.7%, which is higher than expected, the FTSE 100 is still going up. This is because the increase in food and furniture prices was balanced out by lower transportation costs.
If the FTSE 100 starts going down, it should find support between the uptrend line from October and the 200-day simple moving average (SMA) at 7,650 to 7,638. As long as the lowest point on Monday at 7,584 holds up, the FTSE 100 will keep going up.
The DAX 40 went down to 15,104 on Monday because of tensions in the Middle East. But it’s still above that low because people are being careful with their trades. If the low point at 15,104 continues to hold up, the DAX 40 might go back up to the high point it reached on Tuesday at 15,305. Above that, there’s a big area of resistance between 15,455 and 15,575. This area includes the lowest points from July to mid-September and the high point from last week.
If the DAX 40 goes below 15,104, it might go back down to the low point it reached in early October at 14,944.
The S&P 500 is currently trading between 4,311 and 4,398, which is a range of resistance. This range includes the lowest points from late June to August, the high point from late September, and the high and low points from mid-October. So far, the earnings season for the third quarter has been better than expected, which is why the S&P 500 is doing well. If it goes above 4,398 and the 55-day simple moving average (SMA) at 4,407, it might reach the low point from early September at 4,430.
There’s good support between 4,337 and 4,311, which includes the lowest points from mid-August to Friday’s low.