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

​​​FTSE 100 gunning for Wednesday’s high

​​The FTSE 100’s dip to 7,600 as Bank of England (BoE) officials hinted at delayed interest rate cuts has been followed by a rise back towards Wednesday’s 7,690 high amid stronger-than-expected US earnings and general risk-on sentiment.

​A move above 7,690 and the 11 January high at 7,694 will have the mid-October high at 7,702 in its sights. Further up the July and September highs can be spotted at 7,723 to 7,747.

​Minor support can be found at last Friday’s 7,653 high and then at Tuesday’s 7,642 low. ​While this week’s low at 7,600 underpins, the medium-term uptrend remains intact.

FTSE 100 Daily Chart

Retail Sentiment data show 45.00% of traders are net-long with the ratio of traders short to long at 1.22 to 1. The number of traders net-long is 9.03% lower than yesterday and 33.05% lower than last week, while the number of traders net-short is 9.92% higher than yesterday and 36.72% higher than last week.

​DAX 40 nears record high

​The DAX 40 index swiftly recovered from Thursday’s 16,782 low and is about to revisit its current record high at 17,020, boosted by better-than-expected earnings by Amazon and Meta Platforms which propelled US indices higher.

​Above 17,020 is no-man’s land with the 17,100 mark representing a possible upside target. This will remain in play while no bearish reversal to below Thursday’s low at 16,782 takes place.​Support above that low sits at the early January 16,960 high and also at the 24 January 16,925 high.

DAX 40 Daily Chart

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​S&P 500 trades back in record highs

​The S&P 500’s short-term bearish reversal off Monday’s record high at 4,931 amid pushed-back US Federal Reserve (Fed) rate cut expectations was short-lived. Strong US tech earnings led to a rapid advance from Wednesday’s 4,842 low to Thursday’s new record high at 4,941 above which beckons the psychological 5,000 mark.

​Good support is seen between Tuesday’s 4,899 low and the 4,903 late January high today ahead of the all-important US Non-Farm Payrolls.

S&P 500 Daily Chart