FTSE 100, DAX 40 and S&P 500 bid ahead of Powell speech
FTSE rises ahead of Jackson Hole speeches
The FTSE 100 has seen some profit taking this week after almost two weeks of buying frenzy. Ahead of speeches by Federal Reserve (Fed) Chair Jerome Powell at 3pm and BoE Governor Andrew Bailey at 4pm at the Jackson Hole symposium, which may provide clarity on central bank monetary policy.
Given the content of these speeches, the index may either revisit the 55-day simple moving average (SMA) at 8,218 or retest Monday’s high at 8,374. This is part of key resistance which rises to the early August peak at 8,404.
Below 8,218 lies a significant support zone between the late May to early July lows at 8,138-to-8,106.
DAX 40 still gunning for 18,580 late July peak
The DAX 40's swift rebound from the 17 August low at 17,021 has brought it close to the late July high of 18,580 which remains in sight.
Minor support can be seen along the 55-day SMA at 18,241 ahead of the 9 July low at 18,211.
S&P 500 awaits Fed Chair Jerome Powell speech
The S&P 500's rally from the 5 August low at 5,091, which ended one day short of matching a 20-year winning streak, so far took it to Thursday’s high at 5,642.
Ahead of Jerome Powell’s 3pm speech on Friday range trading between the 5,462 high and 5,562 low seen on Thursday is likely to take place.
A rise above 5,642 would probably meet the July record high of 5,669. Potential declines below 5,562 may find support around the late June high at 5,524.