FTSE, DAX and S&P 500 all rallying from Thursday low
Indices rallied off their lows yesterday, and are aiming to continue those gains today.
FTSE 100 pushes on above 5300
As we noted yesterday, dips below 5000 in the FTSE 100 continued to find buyers, providing a potential base.
With the rally from Thursday’s low continuing, the price has moved above 5340. If the next pullback can avoid moving back below 5000 and establish a higher low, then a more bullish view begins to emerge in the short term. Further gains head towards 5720, the highs from the end of last week.
DAX targets more gains after strong bounce
For the DAX, dips below 8500 have run into buyers this week, and have pushed the index to 9160.
A 15% bounce from Thursday’s low means that we might see some near-term weakness, but if it can avoid slipping below 8500 then the nascent bullish view may find more support. Above 9160 the price heads towards 9966 and then 10,200.
S&P 500 rebounds from 2400
2400 provided a floor of sorts for the S&P 500 over the past two weeks, with dips below this level finding buyers as with the other two indices. 2550, 2620 and then 2700 are upside levels to watch.
A drop back below 2400 invalidates the more (guardedly) bullish view, suggesting a drop back towards 2300.
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