DAX 40, FTSE 100 as S&P 500 attempt to close the month and the quarterly higher. Supported by the US Wall Street, that increased as new house sales, durable goods orders

DAX 40 Technical Perspective

Since it is the final day of the month as well as the Q3. The DAX 40 may finally succeed in crossing the small psychological 16,000 hurdle today. After a mere three days of attempting. In this scenario, the 16,80 to 16,115 peaks from the end of May to the start of June might have been achieved but not exceeded.

DAX 40 daily graph

Source: IT-Finance.com

Still, a decline below Wednesday’s bottom at 15,918 would nullify the immediate bullish outlook. And rather indicate that the lowest points from the end of May to the start of June Which are at 15,710 – 15,625, will be repeated during the next few weeks.

FTSE 100 will start the day better

While worries regarding the utility sector, including the likely death of Thames Water. Plus, rising UK yields impact on the index, the FTSE 100 keeps falling behind its rivals. US indexes assisted Asian markets in rising towards monthly and quarter ends. While European indexes starting stronger likewise, on the strength of far stronger-than-anticipated US GDP statistics., At 2 percent in Q1 2023 vs an estimated 1.4 percent, and effective US bank stress testing findings.

Technical Perspective

The FTSE index hopes to end the quarter strongly and may return to that week’s top of 7,518. Above there is at 7,561, the 200-day SMA flows. But it’s doubtful that it will be hit today. This immediate positive prognosis would be nullified if prices fell below Thursday’s bottom of 7,459. Which would indicate that the May bottom of 7,433 is once again within reach.

Just a decline below this week’s lowest @ 7,401 in a daily graph closure would result in more detrimental effects. Given the lows of March 24th at 7,331 & 7,204 being targeted at that point.

S&P 500

Despite the strength of strong economic statistics and amid the likelihood of a couple further (Fed) rate rises. The S&P 500 has increased for 3-straight days. A rise towards the present June top at 4,447 peak might be possible if prices rose over yesterday’s top of 4,404.

The immediate bullish view could only be invalidated by a reverse trend beneath Thursday’s bottom at 4,371. And might bring Monday’s 4,328 low once again into the picture. The start of June’s peak at 4,300 could serve as the goal if a collapse below this week’s bottom at 4,328 was to take place.