Levels to watch: FTSE 100, DAX and S&P 500
It was a tough day for indices yesterday, but the FTSE 100 is back at 7200 and the S&P 500 is picking up momentum again.
FTSE 100 reclaims 7200
The FTSE 100 has pushed through the highs of October 2018, providing fresh confirmation of bullish momentum.
A short-term pullback overnight has seen the 7190 area defended, and further gains target 7233 and then 7299, the 200-day simple moving average (SMA). The near-term sequence of higher lows would be broken with a move below 7190, but the overall bullish trend persists unless we see a move below 7064.
DAX tiptoes higher after reversal
Hopes of a continued rebound yesterday were rudely defeated, as DAX dropped back from 11,250, and further losses have been seen this morning.
The 10,914 and then 10,823 are potential support zones. A rebound above 11,250 would provide a more bullish view, bringing 11,400 back into play.
S&P 500 finds buyers again
While the S&P 500 has fallen back over the past two days, it remains in an uptrend.
A rebound from here would create a higher low and put the index on course to challenge 2760. From here 2800 comes into view. A close below 2720 would be another bearish development, but it requires a close below 2700 to suggest that the rally has run its course.
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