Stock Indices Rally as Nvidia Reports Stellar Results

Article by IG Senior Market Analyst Axel Rudolph

FTSE 100, CAC 40, Nasdaq 100 Analysis and Charts

​​​FTSE 100 benefits from risk-on appetite

​The FTSE 100 is on track for a second day of gains as it follows Asian stock indices higher ahead of today’s start of the Jackson Hole symposium.​The UK blue chip index is now gunning for the May, June, and early August lows at 7,401 to 7,437 which may cap it today, though. If not, the mid-July high at 7,481 could be reached as well ahead of the 55-day simple moving average (SMA) at 7,501.

​Slips should find support around Monday’s high at 7,317.

FTSE 100 Daily Chart

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​CAC 40 on track for fifth consecutive day of gains

​The French CAC 40 index’s advance on general stock market optimism is on track for its fifth consecutive day of gains, fuelled by stellar Nvidia overnight results. ​With the 55-day simple moving average (SMA) at 7,305 having been exceeded, the July-to-August downtrend line at 7,389 and the mid-June peak at 7,405 are next in line.

​Support below the 55-day SMA can be spotted at the late July low at 7,251.

CAC 40 Daily Chart

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​Nasdaq 100 surges higher on AI-driven exceptional Nvidia results

​The Nasdaq 100’s summer correction has most likely run its course with the index having risen above its 55-day simple moving average (SMA) at 15,203 in after-hours trading following Nvidia’s stellar results and $25 billion buy back. ​The late July low at 15,372 is within reach but may offer short-term resistance. If overcome on a weekly chart closing basis, the July peak at 15,932 will be back in focus.

​Minor support below the 55-day SMA sits between Tuesday’s high at 15,066 and the minor psychological 15,000 mark.

Nasdaq 100 Daily Chart