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

The BoE meeting has seen the FTSE 100 rally, while other indices remain firmly in their uptrends. 

Trader
Source: Bloomberg

FTSE 100 finds reason to fly

Yesterday’s Bank of England (BoE) decision, and the subsequent price action, has resolved the argument about the next move for the FTSE 100. The index has rallied with a will, moving through the 7550 zone that held back progress in early October.

Now, the index only has the 7600 level to break before it hits new all-time highs. Only a move below 7490 would give the bears much traction.

FTSE 100 chart

DAX hits top of channel

DAX remains contentedly inside its four-hour rising channel, and while it has hit the top end, a pullback to the bottom has yet to materialise.

It is worth noting that the last time it hit the top of the channel, in early October, it then consolidated until the bottom of the channel provided a reason for a rally. Even a sudden fall would only see the index go back to 13,150. 

DAX chart

S&P 500 rally has firm foundations

While the S&P 500 has yet to claim another new all-time high, it has plenty of support should the sellers take charge.

If the index moves lower then there could be some support from 2564, 2553 and then 2544. Meanwhile, 2583 and then 2588 are the only resistance levels before the index hits new records.

S&P 500 chart

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