FTSE 100 range bound while S&P 500 trades close to record high and NASDAQ 100 advance stalls
FTSE 100 range trades
On Tuesday the FTSE 100 revisited the lower boundary of its September-to-October sideways trading range, slipping to a one-month low at 8,183 before trading back along the 55-day simple moving average (SMA) at 8,266 which currently acts as resistance.
A rise above Thursday’s high at 8,279 would put the 8,335-to-8,336 resistance zone on the cards whereas a fall through Thursday’s low at 8,217 Tuesday’s low at 8,183. Below it lies the September low at 8,153.
NASDAQ 100 flirts with September peak
The NASDAQ 100's rise from its early October 19,611 low has so far taken it to 20,320, to marginally above its September peak at 20,316 following US initial claims which soared to a 14-month high. Were the 20,320 high to be overcome, the July all-time high at 20,760 would be back in sight.
A fall through Thursday’s low at 20,111 is needed for Monday’s low at 19,714 to be revisited. Below it lies the 19,611 early October low.
S&P 500 trades near record high
The S&P 500 continues to trade marginally below its September record high at 5,797, made on Wednesday. A rise above this level would put the psychological 6,000 mark on the cards. Minor support below the previous all-time high at 5,773 can be spotted at the 4 October high at 5,755. Further down lies key support at the July and September highs at 5,669-to-5,655 as well as the August-to-October uptrend line at 5,662.