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​​​​Indices little-changed after post-US CPI volatility


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Stock markets dropped back after yesterday’s CPI figure, but are attempting to move higher again this morning.

original-size.webpSource: Bloomberg
 Chris Beauchamp | Chief Market Analyst, London | Publication date: Friday 11 August 2023 11:25

FTSE 100 aiming to move above 7600

The index managed to push its way above 7600 yesterday, but was unable to hold these gains. A reversal below 7540 and the 50-day SMA would be a bearish development and signal that the sellers were in control once more.

This might then open the way to a move to the lows of July around 7250. A close above 7600 would mark a more bullish event and then allow the price to contemplate a renewed move to 7700. This is where the July rally stalled, and so a close above this level would add to the bullish view.

original-size.webpSource: ProRealTime

DAX moves back above 100-day MA

European indices had gained in the wake of the US CPI reading, but then failed to hold their gains. The Dax succeeded in reaching the 50-day SMA again but then fell back. Early trading this morning has seen the index drop back slightly.

Further losses would suggest a retest of 15,700, and then down to 15,500 and the July low. As throughout the past week, bulls will need a close above 16,000 to provide the necessary catalyst for a new move back to the record highs seen in July.

original-size.webpSource: ProRealTime

Dow attempting to move higher again

The Dow suffered a notable intraday reversal yesterday, after attempting to rally above 35,500 following the inflation reading. For the current weakness to turn into even a modest pullback to the 50-day SMA, the 35,060 level needs to be broken on a daily closing basis. This might then see further losses towards the June resistance level of 34,506.

For the moment, however, price action still looks like consolidation, and continued activity above 35,000 will bolster bullish hopes that a new move higher can develop.

original-size.webpSource: ProRealTime

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