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Levels to watch: FTSE 100, DAX and S&P 500

After a strong finish on Friday, momentum, breadth and trade talk hopes are all carrying indices higher.

FTSE 100 keeps on rallying

The FTSE 100 recorded a new higher high at the end of last week, with strong intermediate and short-term uptrends. Having cleared the October highs, the index is now testing the 7230 area, which was key support in September 2018.

Above this, eyes will be on the 200-day simple moving average (SMA) at 7297, and from there 7564 and the September high comes into view. In the short term, the index has moved in a smooth uptrend since 8 February, with dips towards the 50-hour SMA finding buyers. A move below 7200 might be short-term bearish.

DAX rebound takes it to 11,300

The DAX is back to the 11,300 areas that flummoxed the bulls over the past three weeks.

A move above here challenges 11,400, the early December highs, and also the downtrend line from the June peak. The sharp bounce from 11,000 at the end of last week should indicate that there is plenty of fresh bullish momentum to buy on intraday dips.

S&P 500 rally goes on

Last week saw the S&P 500 break back above the 200-day SMA (currently 2746) and continue its push back towards the 2820 highs from quarter four (Q4) 2018.

Buyers came in around 2730 to propel the index to a fresh high for the year so far, maintaining the uptrend. Above 2820 the index targets 2940 and the all-time highs of October. Dips back towards 2730 may find buying opportunities, but it would take a move back below 2680 to really suggest near-term weakness here.


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