FTSE 100, DAX and S&P 500 continuing to move higher
Indices were unable to keep pushing higher last week, but also managed to avoid much downside and with an early recovery from a weak open in play, further bullish momentum may develop.
FTSE 100 still held in a range
The FTSE 100 spent most of last week in a range, after the rally from 5950 on Monday stalled at 6300.
Gains above here proved impossible to sustain, but downside was limited to the 6150-6200 zone. A rally through 6300 opens the path to 6500, while below 6150 a return to 5950 could be contemplated.
DAX looks to clear last week’s highs
For the DAX too, Monday’s bounce was not followed up with further gains, as 12,400-12,500 limited the upside.
Early weakness saw the index below 12,100, but this has been reversed with a recovery above the 12,150 level that marked the lower bound for most of last week. Bulls now need to push on through the zone around 12,450 that marked last week’s highs, while bears will want to see a push back below 12,100 that could open the way to 11,600 and last week’s lows.
S&P 500 resumes its move higher
While the S&P 500 was unable to push on through 3160, after rallying sharply from its June low, it did manage to avoid dropping below 3080.
Although it will begin the week below 3060, the rally has seen in move back into the 3070-3160 range that held last week. A break above 3160 clears the way to the June peak at 3240, while below 3060 the price could move further towards 2940.
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