FTSE 100 Resumes Ascent, Dax 40 Hits Record High and Russell 2000 nears Three-Month Highs

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Article by IG Senior Market Analyst Axel Rudolph

FTSE 100, DAX 40, Russell 2000 – Analysis and Charts

​​​FTSE 100 resumes ascent

​The FTSE 100 is heading again up in the direction of final week’s six-week excessive at 7,543 as merchants await extra information this week to information the financial and financial coverage outlook.​The index is now buying and selling as soon as extra above its 55-day easy transferring common (SMA) at 7,485 and targets the November and present December highs at 7,535 to 7,543. Above this resistance space meanders the 200-day easy transferring common (SMA) at 7,571.

​Support beneath the 55-day SMA at 7,485 and the early November excessive at 7,484 is available in at Tuesday’s 7,459 low.

FTSE 100 Daily Chart

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Change in Longs Shorts OI
Daily -9% 12% -2%
Weekly -21% 23% -9%

DAX 40 trades in file highs

​The DAX 40 continues to rally regardless of German manufacturing unit orders falling for the primary time in three months. The index hit a brand new file excessive above its 16,532 July peak across the 16,600 mark on Tuesday. Further up beckons the minor psychological 17,000 degree.

​Immediate upside strain shall be maintained whereas no slip by Friday’s low at 16,237 is seen. Above it minor help will be discovered across the 1 December excessive at 16,463 and at Tuesday’s 16,391 low.

DAX 40 Daily Chart

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Russell 2000 trades close to three-month highs

​The Russell 2000, the good underperformer of US inventory indices with solely a 6% achieve year-to-date, has now reached ranges final traded in mid-September and to this point risen to 1,885 regardless of a lot weaker-than-expected US JOLTS job openings. Today’s ADP employment information and, extra importantly, Friday’s Non-Farm Payrolls ought to give traders a greater indication of the state of the US labor market.

​An increase above 1,885 would goal for the September peak at 1,931 whereas a fall by Tuesday’s 1,854 low could result in the mid-November excessive, the 200-day easy transferring common (SMA), and the November-to-December uptrend line at 1,833 to 1,817 being revisited.

Russell 2000 Daily Chart

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