FTSE 100 and Dow hold near highs

The FTSE 100 is close to Friday’s highs, while the Dow remains close to its record peak.

FTSE 100 hovers at five-month high

The FTSE 100 topped 7550 briefly on Friday, for the first time since the end of July.

7600 is the next target, followed by 7644, but the rapid and seemingly relentless ascent is unlikely to go on for ever. Pullbacks towards 7440 may provide support, while below this a rising 50-day SMA (simple moving average), currently at 7325, may also help in the event of any pullback.

Dow holds at record high

Friday saw the Dow hit a fresh record high, and futures are already turning higher again this morning.

Rising trendline support from the December low has continued to hold up the market over the past few weeks, but a break of this could see 28,000 and then 27,400 tested.

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