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Market Recovery: DAX 40, and S&P 500 Bounce Back

Written by:

Ezekiel Chew

Last updated on:

June 6, 2024

FTSE 100 Stages Comeback

Source: dailyfx.com

The FTSE 100 displayed a potentially bullish hammer formation on Tuesday, signaling a possible reversal. Confirmation will hinge on a daily chart close above Tuesday’s high of 8,268.

Stability is supported by Tuesday’s low and the April-to-June uptrend from 8,199 to 8,192, setting the stage to revisit Monday’s high at 8,364.

DAX 40 Recovers from Recent Drop

Source: dailyfx.com

The DAX 40 tested last week’s low, dipping to 18,361, before regaining ground. Surpassing Tuesday’s high of 18,594 is crucial for refocusing on Monday’s peak at 18,700.

A break below this week’s low and the 55-day SMA from 18,361 to 18,325 could shift attention to the late April high at 18,238.

S&P 500 Rallies from Dip

Source: dailyfx.com

The S&P 500’s pullback from its May record high of 5,343 to last Friday’s low at 5,192 seems to have concluded with last week’s low, indicative of an Elliott wave abc zig zag correction. This setup suggests an impending rally to new all-time highs, with the immediate target being the 28 May high at 5,321.

The medium-term uptrend remains secure as long as the late May low at 5,192 is maintained, with additional support at the 30 May high of 5,260 and the 23 May low of 5,257.

About Ezekiel Chew​

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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Market Recovery: DAX 40, and S&P 500 Bounce Back

Written by:

Updated:

June 6, 2024

FTSE 100 Stages Comeback

Source: dailyfx.com
The FTSE 100 displayed a potentially bullish hammer formation on Tuesday, signaling a possible reversal. Confirmation will hinge on a daily chart close above Tuesday’s high of 8,268. Stability is supported by Tuesday’s low and the April-to-June uptrend from 8,199 to 8,192, setting the stage to revisit Monday’s high at 8,364.

DAX 40 Recovers from Recent Drop

Source: dailyfx.com
The DAX 40 tested last week’s low, dipping to 18,361, before regaining ground. Surpassing Tuesday’s high of 18,594 is crucial for refocusing on Monday’s peak at 18,700. A break below this week’s low and the 55-day SMA from 18,361 to 18,325 could shift attention to the late April high at 18,238.

S&P 500 Rallies from Dip

Source: dailyfx.com
The S&P 500’s pullback from its May record high of 5,343 to last Friday’s low at 5,192 seems to have concluded with last week’s low, indicative of an Elliott wave abc zig zag correction. This setup suggests an impending rally to new all-time highs, with the immediate target being the 28 May high at 5,321. The medium-term uptrend remains secure as long as the late May low at 5,192 is maintained, with additional support at the 30 May high of 5,260 and the 23 May low of 5,257.
ezekiel chew asiaforexmentor

About Ezekiel Chew

Ezekiel Chew, founder and head of training at Asia Forex Mentor, is a renowned forex expert, frequently invited to speak at major industry events. Known for his deep market insights, Ezekiel is one of the top traders committed to supporting the trading community. Making six figures per trade, he also trains traders working in banks, fund management, and prop trading firms.

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