Market Snapshot: S&P 500, FTSE, Nikkei
Faraday Research | Sep 21, 2018 05:59AM ET
With the clear pick-up for risk appetite, we take a look at the S&P500, FTSE100 and Nikkei 225 daily charts.
S&P 500 Daily
- Closing at a fresh record high, the bullish trend remains strong with higher swing lows.
- Trading beyond the upper Keltner band, there’s potential for a pause in trend.
- Look for support around 2914.04/2915.50 with an open upside target.
FTSE 100 Daily
- A momentum shift has occurred at the September lows.
- Today’s rally has stalled at a pivotal area (7432 low, bearish trendline and 30-day average).
- A break of the trendline brings the 7532 high into focus, otherwise the bearish trend remains intact.
Nikkei 225 Daily
- Having broken out of a basing pattern, a measured move suggests a target around 24,700.
- Interim resistance likely awaits at the 2018 highs (27-year highs).
- Near-term, there’s risk of overextension following such an impulsive move.
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