FTSE 100 and S&P 500 Rise, Nikkei 225 Slips
FTSE 100 Reaches Two-Month High
The FTSE 100 has had a robust week, with gains pushing it to a two-month high after breaking higher at the end of last week. The record high is now within reach, maintaining the uptrend. A reversal below 8200 would negate this outlook.
S&P 500 Boosted by Fed Decision
The recent pullback from mid-July highs appears to have ended. Stabilizing around 5400 this week, the index surged yesterday, supported by the Fed rate decision and the high likelihood of a September rate cut. The next target is the record highs of July.
A reversal below 5450 would negate the bullish outlook. Amazon and Apple earnings tonight may introduce more volatility.
Nikkei 225 Falters
Despite a rebound following the Bank of Japan meeting, poor earnings from Toyota pushed the index downward. Currently, the index remains above the 200-day simple moving average (SMA). If this level holds, a low may form.
However, a close below the 200-day SMA would pave the way for a test of last week’s lows and potentially the April lows below 37,000.
