Outlook on FTSE 100, DAX 40 and S&P 500 ahead of probable 25 bps ECB rate cut.
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 09, 2024 when EUR/USD traded near 1.08.IG Client Sentiment Update: Our data shows the vast majority of traders in Oil - US Crude are long at 84.25%, while traders in EUR...On Monday morning the FTSE 100 briefly rallied above last week’s high at 8,345 before giving back some of its recent gains. Above Monday’s 8,364 intraday high lies the 8,400 region and the May record high at 8,479.
The DAX 40’s bounce off last week’s low at 18,379 has so far taken it to Monday’s intraday high at 18,700 before stalling ahead of Thursday’s European Central Bank meeting at which a 25 basis-pointis expected to be announced. If the 18,700 level were overcome, the late May high at 18,854 could be back in the frame.
The S&P 500’s corrective move lower from its May record high at 5,343 to Friday’s 5,192 low probably ended at last week’s low as it appears to be an Elliott wave abc zig-zag correction which should be followed by an advance to new all-time highs. The medium-term uptrend will remain intact while the late May low at 5,192 underpins.Minor support can be spotted at the 30 May high at 5,260 and the 23 May low at 5,257.
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