​​​​FTSE 100, DAX 40, and Dow Jones make gains in early trading​​​​

Article by IG Chief Market Analyst Chris Beauchamp

FTSE 100, DAX 40, Dow Jones: Analysis and Charts

​​​FTSE 100 revives off two-week low

​Wednesday saw the index drop briefly to a two-week low around 7650, but the price then rallied off the low. ​Some initial gains this morning have put the price back above 7700, which may then provide a foundation for another challenge of the 7750 highs seen at the end of 2023.

​The uptrend from the October low is firmly intact, and it would need a move back below 7550 to suggest that the rally had run its course. Even further short-term weakness towards 7600 would still leave the move higher in place for the time being.

FTSE 100 Daily Chart

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​Dax’s gentle pullback goes on

​The index has continued to track lower since its December record high, but the losses have only put a modest dent in the gains made since the end of October.​For the moment, buyers are defending the previous record high at 16,532, avoiding a close below this level and maintaining a medium-term bullish view. A close below 16,532 might open the way towards the June highs, and then on towards the 50-day SMA.

​A close back above 16,800 restores a short-term bullish view and puts the price back on course to target the record highs of mid-December around 17,000.

DAX 40 Daily Chart

​ ​Dow still close to record high

​The Dow remains less than 1% off its record high, holding on to almost all of its gains made since the end of October. ​In the near term, 36,954 and then 36,569 could be short-term areas of support, but for the moment a deeper correction has yet to materialise.

​A close back above 37,800 puts the index on course for new record highs and a push towards 38,000.

Dow Jones Daily Chart