Outlook on FTSE 100, DAX 40 and S&P 500 amid possible rates higher for longer scenario.
Upside pressure will be maintained while Tuesday’s low at 8,393 underpins on a daily chart closing basis. A rise above the current record high at 8,479 would engage the 5,000 mark.On Thursday the DAX 40 made a record high close to the minor psychological 19,000 mark before falling and forming a bearish engulfing pattern on the daily candlestick chart. This increases the likelihood of at least a short-term bearish reversal being seen over the coming days.
Since this week’s high hasn’t been accompanied by a higher reading of the daily Relative Strength Index , negative divergence can also be seen which may lead to a several hundred points sell-off taking the index back to its April-to-May uptrend line at 18,410. For this scenario to become more probable a fall through this week’s low at 18,623 would need to occur, though.
The previous record high made in April at 5,274 may thus be revisited on a fall through Thursday’s 5,293 low with the accelerated uptrend line at 5,262 representing another potential downside target.Find out why trader positioning is so important and discover how to avoid a commonly observed mistake in trending markets:Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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