Indices mixed as US earnings season gets underway
Gains have stalled below 7140, with the FTSE 100 unable to make any real forward progress.
A move above 7180 is needed to spark a bigger move to the upside, while sellers will need to drive the price below 7030 to suggest a deeper retracement is at hand.
The index moved up to a new record high yesterday, and has edged back down slightly since. However, a longer-term move higher still continues to elude the index.
Dips towards 15,500 have found buyers of late, with 15,300 as firm support during two recent steep drops.
A new record high for the S&P 500 yesterday has been followed up by some short-term weakness, but the overall move higher is still firmly intact.
Trendline support from the mid-June drop comes into play near 4340, and then below this 4290 is a possible area of support.
Chris Beauchamp | Chief Market Analyst, London
Wednesday 14 July 2021
There are no comments to display.
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!Register a new account
Already have an account? Sign in here.Sign In Now