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Drops off 7390 but defends 7310 | 7287 support below | 7386 7416 resistance

#1 · 25th August 2023, 9:42 am

FTSE 100 technical analysis for 25th August 2023

Asian stocks sold off and the dollar scaled an 11-week peak against major peers on Friday, as investors braced for the risk of a hawkish tilt from Federal Reserve Chair Jerome Powell at Jackson Hole.

Equity markets in Japan, Australia, South Korea and China all slipped with declines prominent in Hong Kong-listed technology stocks, echoing heavy selling in US tech shares on Wednesday. The Nasdaq 100 fell 2.2%, its worst day in three weeks. A drop of more than 1% for the S&P 500 almost wiped out its weekly gain. Futures contracts for the two US benchmarks were little changed in Asian trading.