FTSE 100 Gains Momentum After Bank Holiday

The FTSE 100 has resumed its upward momentum, approaching its mid-August high of 8,374. The early August peak at 8,404 also remains within reach.

The immediate upward pressure is likely to persist as long as last week’s low of 8,240 holds. Below this level, the 55-day SMA at 8,224 provides additional support.

DAX 40 Faces Resistance Challenge

The DAX 40 has seen a strong rally from its early August low of 17,021, pushing it past the late July high of 18,580 and up to the May-to-August resistance line at 18,674. Just above this, the June-to-July peaks between 18,786 and 18,782 present further resistance.

Any potential pullbacks are likely to find initial support around the 20 August high at 18,498.

S&P 500 Nears July Record High

The S&P 500‘s rally from the 5 August low of 5,091 has brought it to 5,650 as of Monday, placing it within 1% of its all-time high of 5,669 set in July.

As long as last week’s low of 5,562 remains intact, the immediate uptrend should continue.