FTSE 100, DAX and S&P 500 all showing signs of a recovery
Indices are looking to resume their march higher, with the S&P 500 aiming to go back to its previous record high.
FTSE 100 rallies for a second day
The FTSE 100 has surged in early trading, bouncing off the 7200 level, having created a lower low yesterday.
While the bounce is a promising start, the direction of travel over the past three weeks has been lower, so we will need to see the price stabilise above the 50-hour simple moving average (SMA) in the first instance, and then push above 7400 to make new higher highs.
DAX gains ground in early trading
The DAX has tried to break out of its narrow trading range in both directions this week, but the push towards 13,050 found buyers.
Now we look to see whether the price can push on above 13,300 and the top of its recent range to provide a fresh break higher.
S&P 500 rallies through 50-hour SMA
Price action this week has seen the S&P 500 unable to hold above the 50-hour SMA (3106). However, this has changed overnight.
With a push through 3120, the index will target the record high from Tuesday and higher. A reversal below 3100 provides a renewed short-term bearish view.
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