FTSE 100, DAX and S&P 500 all continue to gain
Indices have made further gains this morning, renewing their bullish outlook after Tuesday’s mixed session.
FTSE 100 continues its surge
The FTSE 100 has found renewed bullish momentum in early trading, rallying through trendline resistance from the 21 July peak and setting its sights on the previous lower high at 6150.
It looks like the index has formed a low at 5850 and is now resuming its move higher. So long as the index holds above 5950, we look towards dips as likely buying opportunities.
DAX back at Tuesday’s high
The DAX found support around 12,550, and has now moved back to the 12,740 level that marked the peak on Tuesday.
If it can clear this and move to a new higher high then the bullish view is given further reinforcement, and will bring 12,900 and higher into view. A reversal below 12,500 negates the more bullish outlook and bring another test of 12,200 into view.
S&P 500 breaches 3300
Higher highs and higher lows have been seen for the S&P 500 over the past week. The rally shows no sign of slowing down, with the 3393 peak from February now in sight as the next major upside.
The steepness of the rally over the past few days means trendline support is currently very near to the price, at around 3308, but it would likely take a reversal below 3270 to suggest a more negative view prevails.
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