Outlook on FTSE 100, DAX 40 and S&P 500 as softer US economic data, a subdued Non-Farm Payrolls and dovish Fed statements led to risk-on sentiment.
Below 7,384 lies the October low at 7,258 which was made close to the 7,228 to 7,204 March-to-August lows and as such major support zone.The DAX 40’s rally from its 14,589 October low has been followed by one of this year’s strongest weekly rallies amid a dovish Federal Reserve outlook and softer US employment data. A rise above Friday’s 15,368 high will put the 55-day simple moving average and the July-to-November downtrend line at 15,386 to 15,420 on the map.
Slips should find support around the 15,104 mid-October low below which lies the minor psychological 15,000 mark and the early October low at 14,944.Last week the S&P 500 saw its strongest weekly year-to-date gain thanks to softer economic data, and a subdued non-farm payroll report. These led market participants to believe that the Fed has ended itscycle and that the US economy remains on track for a soft landing.
Minor support below the 55-day simple moving average at 4,354 can be spotted around the 4,337 August low and the breached September-to-November downtrend line, now because of inverse polarity a support line, at 4,315 as well as at the 4,311 mid-October low.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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