FTSE 100 Faces Resistance
The FTSE 100 index experienced a rally yesterday, but momentum waned in early Tuesday trading.
Despite its inability to maintain a sustained rally, the price has consistently held above 8100 since May, establishing a robust support area. A close below 8100 could lead to a quick decline, targeting 8044 and then dropping to 7976.
![](https://www.asiaforexmentor.com/wp-content/uploads/2024/07/FTSE-100-Daily-Chart-07-23-2024.png)
S&P 500 Recovers Post Losses
![](https://www.asiaforexmentor.com/wp-content/uploads/2024/07/SP-500-Daily-Chart-07-23-2024.png)
Monday saw the S&P 500 index rebound after enduring three consecutive days of losses last week.
The bounce from 5500 now aims at the previous week’s highs, with the potential for a brief move to new record highs if gains continue. However, a close below 5500 would likely signal further short-term weakness.
Nikkei 225 Reverses Trend
![](https://www.asiaforexmentor.com/wp-content/uploads/2024/07/Nikkei-225-Daily-Chart-07-23-2024.png)
Monday’s rally hinted at renewed upside for the Nikkei 225, but this has been postponed for now.
The index declined overnight but has so far avoided closing below the 50-day simple moving average (SMA). Bulls need a close back above 40,000 to suggest a possible low, while sellers will focus on a close below the 50-day SMA to indicate more near-term downside.