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

Indices have had an ebullient week, and have seen little selling pressure as the new week gets underway. 

Data
Source: Bloomberg

FTSE 100 looks to advance once more

FTSE 100 had another strong week last week, pushing to its highest level since early August. It has failed to push on above the 7533 level, but this seems more of a matter of time rather than anything else.

Above this, the 7600 high comes into view. Any pullbacks that hold above 7400 remain buying opportunities.

FTSE 100 chart

DAX pauses below 13,000

The 13,000 level still eludes us for DAX, but again this is mostly just a matter of time. The race higher has seen little in the way of pullbacks, so any pullback towards 12,600 remains a buying opportunity.

It would take a move below 12,400 to put a dent in the bullish outlook.

DAX chart

S&P 500 aims for fresh highs

New all-time highs for S&P 500 last week confirm the strength of the bullish trend, and we should expect further highs in due course as the bull market rumbles on and powerful fourth quarter seasonality drives stocks higher.

We have not seen a meaningful pullback here since 25 September, so any dip towards 2510 remains an area to add risk. 

S&P 500 chart

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