FTSE 100, DAX and S&P 500 aim to break higher
Indices have spent the week in a holding pattern, although some signs of renewed bullishness have been seen.
FTSE 100 drifts sideways
The FTSE 100 price has moved sideways for several days now, holding close to 6300 over the last four sessions but unable to break above it.
Meanwhile, some small downside was held at 6150, providing a first ‘line in the sand’ in the event of any push lower. If this is broken then 5950 comes into view. Alternatively, a rally through 6300 could mark a resumption of the longer-term move higher, opening the way to 6400 and then 6500.
DAX held below resistance
The DAX, too, has been stuck below resistance, with 12,400-12,500 acting as a ceiling to further gains.
A break through this zone would open the path to 12,750 and then 12,950. Weakness over the past few sessions has been confined to 12,150, with buyers coming in around these levels. A drop below here then resumes the move lower, targeting 11,600, the low from last week.
S&P 500 stalls after gains
While the S&P 500 has not been able to muster much bullish momentum since Monday’s rally, being stuck below 3150, it has also found support around 3080.
A break higher, through 3160, opens the path to 3220. On the other hand, below 3070 the price could push back towards last week’s lows at 2940.
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