FTSE 100 stumbles but DAX and S&P 500 move higher

While the FTSE 100 is still struggling, the overall move higher on the DAX and S&P 500 continues.

FTSE 100 struggles for a second day

The FTSE 100 has stumbled over the past two days, upward progress having stalled at 7550.

However, downward moves have been held at 7400, with early weakness this morning running into buying pressure around this level. A break below 7400 targets 7300 and 2019 rising trendline support, and then down to the January low at 7250. A rally through 7550 opens the way to 7650 and 7700.

DAX continues to move higher

The DAX managed to recover from its early weakness on Thursday in spectacular fashion.

A bounce from previous resistance at 13,600 saw the price power to a new record. Further gains above 13,800 put us in new record territory. A move back below 13,600 might signal that some near-term weakness is at hand.

S&P 500 at new peak

US markets have continued to demonstrate bullish momentum, with the S&P 500 closing in on 2400.

Early weakness yesterday was swiftly bought, with the price establishing a higher low around 3350. The short-term trend higher remains firmly intact. A more bearish view would need to see a lower high and a push below 3350.

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