Market Analysis

Market AnalysisFTSE 100 Makes yet Another Record High while DAX and S&P 500 Rally is Slowing Down

08 May, 2024

FTSE 100, DAX 40, S&P 500 Analysis and Charts

The FTSE 100 has so far seen four straight days of gains with each making a new record high ahead of this morning’s, the fifth day in a row around the 8,350 mark. Further up beckons the 8,500 region.

The tentative April-to-May uptrend line at 8,280 offers support.

FTSEDaily Price Chart

FTSE 100 Mixed

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	-6%	-4%	-4%
Weekly	1%	-9%	-7%

DAX 40 trades at a one-month hig h

The DAX 40 has seen four straight days of gains take it to a one-month high around the 18,450 level with the April record high at 18,636 representing the next upside target.

Potential slips should find good support between the 24 and 29 April highs at 18,240 and 18,238.

DAXDaily Chart

S&P 500 sees five straight days of gains

The S&P 500’s 3.5% rally from its early May low amid five consecutive days of gains has taken it to the 5,200 mark around which it may short-term lose upside momentum. A slip towards the 5,132 to 5,123 55-day simple moving average (SMA) and the late April high might be on the cards for this week.

Were the recent advance to continue, the April record high at 5,274 would be back in the frame.